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, Lincoln had begun to take stock of the federal government’s abili…