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First income tax law. In order to help pay for its war effort in the American Civil War, the United States government imposed its first personal income tax, on August 5, 1861, as part of the Revenue Act of 1861. Tax rates were 3% on income exceeding $600 and less than $10,000, and 5% on income exceeding $10,000. [ 8]
The Revenue Act of 1862 established the first national inheritance tax and added a progressive taxation structure to the federal income tax, implementing a tax of five percent on incomes above $10,000. [77]
The Revenue Act of 1861 had introduced the first federal income tax, but that tax was repealed in 1872. During the late nineteenth century, various groups, including the Populist Party , favored the establishment of a progressive income tax at the federal level.
The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act, 1961 and the Wealth Tax Act, 1957. However the bill was later scrapped.
The Revenue Act of 1913, also known as the Underwood Tariff or the Underwood-Simmons Act (ch. 16, 38 Stat. 114 ), re-established a federal income tax in the United States and substantially lowered tariff rates. The act was sponsored by Representative Oscar Underwood, passed by the 63rd United States Congress, and signed into law by President ...
Wisconsin adopted a corporate and individual income tax in 1911, [151] and was the first to administer the tax with a state tax administration. The first federal income tax was adopted as part of the Revenue Act of 1861. [152] The tax lapsed after the American Civil War.
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