April 15th: Tax Day

Did you know:

The Revenue Act of 1862 was passed as an emergency and temporary war-time tax. It copied a relatively new British system of income taxation, instead of trade and property taxation.
The first income tax was passed in 1862:

• The initial rate was 3% on income over $800, which exempted most wage-earners.
• In 1862 the rate was 3% on income between $600 and $10,000, and 5% on income over $10,000.
• In 1864 the rate was 5% on income between $600 and $5,000; 7.5% on income $5,000–10,000; and 10% on income $10,000 and above.

Passed by Congress on July 2, 1909, and ratified February 3, 1913, the 16th amendment established Congress's right to impose a Federal income tax.

Click Here to see the original 1913 IRS 1040.

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