Lincoln's last paycheck
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08-12-2014, 10:29 AM
Post: #4
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RE: Lincoln's last paycheck
Richard, could it have to do with an income tax being deducted?
http://www.civilwar.org/education/histor...s/tax.html "After weighing their options, the House Ways and Means Committee drew up a bill to tax personal and corporate incomes. This bill, the first income tax measure in the United States, called for a 3% tax on incomes over $800. Although the bill quickly passed in both the House and the Senate, it was never put into operation. Still, it paved the way for the next bill of its kind. In 1862, Abraham Lincoln signed a bill that imposed a 3% tax on incomes between $600 and $10,000 and a 5% tax on higher incomes. The bill was amended in 1864 to levy a tax of 5% on incomes between $600 and $5,000, a 7.5% tax on incomes in the $5,000-$10,000 range and a 10% tax on everything higher. This bill was repealed in 1872 and declared to be unconstitutional." I did not do the math, so I don't know if that works out as a possible answer. |
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