President Lincoln signs Revenue Act applying first federal income tax

Thursday, August 5 The 217th day of the year 148 days left Today in history On August 5, 1861, President Lincoln imposes the first federal income tax by signing the Revenue Act. Strapped for cash with which to pursue the Civil War, Lincoln and Congress agreed to impose a 3 percent tax on annual incomes over $800. As early as March 1861, Linc...