The Revenue Act of 1862 (July 1, 1862, Ch. 119, 12 Stat. 432), was passed by the United States Congress during the American Civil War and signed into law by President Abraham Lincoln. Income between $800 and $10,000 was taxed at a 3 percent rate. Higher income was taxed at a 5 percent rate. The income tax was to be withheld by the employer. A permanent tax collection agency and the office of the Commissioner of Internal Revenue were established.
Inflation-adjusted numbers
Corrected for inflation by CPI [1]:
| 1862 dollars | 2005 dollars |
|---|---|
| $800 | $15,445 |
| $10,000 | $193,058 |
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| Internal Revenue |
1861 • 1862 • 1864 • 1913 • 1916 • 1917 • 1918 • 1921 • 1924 • 1926 • 1928 • 1932 • 1934 • 1935 • 1936 • 1940 • 1940 • 1941 • 1942 • 1943 • 1943 • 1944 • 1945 • 1948 • 1950 • 1950 • 1951 • 1954 • 1954 Code • 1962 • 1964 • 1968 • 1969 • 1971 • 1975 • 1976 • 1977 • 1978 • 1981 • 1982 • 1986 • 1986 Code • 1990 • 1993 • 1996 • 1997 • 1998 Reform • 1998 Bill of Rights • 2001 • 2002 • 2003 • 2006 |
| Tariffs | 1789: Hamilton I • • 1792: Hamilton III • 1816: Dallas • 1824: Sectional • 1828: "Abominations" • 1832 • 1833: Compromise • 1842: Black • 1846: Walker • 1857 • 1861: Morrill • 1872 • 1875 • • 1890: McKinley • 1894: Wilson-Gorman • 1897: Dingley • 1909: Payne-Aldrich • 1913: Underwood • 1921: Emergency • 1922: Fordney-McCumber • 1930: Smoot-Hawley • 1934: Reciprocal • 1948: GATT • 1962 • 1974/75 • 1979 • 1984 • 1988 • 1989: Canada FT • 1993: NAFTA • 1994: WTO • 2002: Steel |
