Blame the Civil War, President Lincoln for First U.S. Income Tax
I couldn't believe this fact: President Abraham Lincoln signed into law the first federal income tax 152 years ago today.
Really? I had no idea.
Blame the Civil War because the United States had to pay for the War Between the States. Stupid Confederacy!
The taxes back then were 3 percent on incomes between $600 and $10,000 and 5 percent for more than that. That was only a "temporary" income tax. The current income tax came in 1913 with the 16th Amendment. Stupid 16th Amendment!
So, happy birthday, America. Can I have some of my money back?