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Browsing named entities in Harper's Encyclopedia of United States History (ed. Benson Lossing). You can also browse the collection for March 2nd, 1867 AD or search for March 2nd, 1867 AD in all documents.
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Harper's Encyclopedia of United States History (ed. Benson Lossing), Income-tax. (search)
Income-tax.
The first income-tax was enacted by Congress July 1, 1862, to take effect in 1863.
It taxed all income over $600 and under $10,000 3 per cent., and over $10,000 5 per cent. By the act of March 3, 1865, the rate was increased to a and to 10 per cent. on the excess over $5,000, the exemption of $600 remaining the same.
On March 2, 1867, the exemption was increased to $1,000, and the rate fixed at 5 per cent. on all excess above $1,000; the tax to be levied only until 1870.
After a contest in Congress the tax was renewed for one year only by act of July 14, 1870, at the reduce rate of 2 1/2 per cent. on the excess of income above $2,000. A bill to repeal it passed the Senate Jan. 26, 1871, by 26 to 25.
The House refused to take up the Senate bill Feb. 9, 1871, by a vote of 104 to 105, but on March 3, 1871, concurred in the report of a committee which endorsed the Senate bill and repealed the tax. The last tax levied under the law was in 1871.
Income-taxes assessed
[9 more...]
Harper's Encyclopedia of United States History (ed. Benson Lossing), Medals. (search)
Harper's Encyclopedia of United States History (ed. Benson Lossing), Tariff. (search)
Harper's Encyclopedia of United States History (ed. Benson Lossing), United States of America . (search)
Harper's Encyclopedia of United States History (ed. Benson Lossing), Veto (search)