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Internal Revenue Act Of 1862
The Revenue Act of 1862 (July 1, 1862, Ch. 119, ), was a bill the United States Congress passed to help fund the American Civil War. President Abraham Lincoln signed the act into law on July 1, 1862. The act established the office of the Commissioner of Internal Revenue, a department in charge of the collection of taxes, and levied excise taxes on most items consumed and traded in the United States. The act also introduced the United States' first progressive tax with the intent of raising millions of dollars for the Union. Background The American Civil War commenced in 1861 with the secession of many southern states (the group known as the Confederate States of America) from the United States (also known as the Union). In the early stages of the war, the Union believed that the conflict would be a relatively quick and easy victory.Thorndike, Joe. An Army of Officials: The Civil War Bureau of Internal Revenue. Tax History Project. TaxAnalysits, 21 Dec. 2001. Web. 25 Mar. 2013. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Bonds
War bonds (sometimes referred to as Victory bonds, particularly in propaganda) are debt securities issued by a government to finance military operations and other expenditure in times of war without raising taxes to an unpopular level. They are also a means to control inflation by removing money from circulation in a stimulated wartime economy. War bonds are either retail bonds marketed directly to the public or wholesale bonds traded on a stock market. Exhortations to buy war bonds have often been accompanied by appeals to patriotism and conscience. Retail war bonds, like other retail bonds, tend to have a yield which is below that offered by the market and are often made available in a wide range of denominations to make them affordable for all citizens. Before World War I Governments throughout history have needed to borrow money to fight wars. Traditionally they dealt with a small group of rich financiers such as Jakob Fugger and Nathan Rothschild, but no particular distinc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Taxation Legislation
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1864
The Internal Revenue Act of 1864, 13 Stat. 223 (June 30, 1864), increased the income tax rates established by the Revenue Act of 1862. The measure was signed into law by President Abraham Lincoln. Provisions Section 116 of the Act imposed the tax on "the gains, profits, and income of every person residing in the United States, or of any citizen of the United States residing abroad, whether derived from any kind of property, rents, interest, dividends, or salaries, or from any profession, trade, employment, or vocation, carried on in the United States or elsewhere, or from any other source whatever . . . The measure created a third tax bracket and increased taxes overall from the rates set in 1862. Tax brackets under the Act were as follows: * 0%: under $600 (under in 2013 dollars, or the about the same as the average of $13,425 in combined personal exemption + standard deduction for single and married taxpayers in the year 2008) * 5%: from $600 to $5,000 (from to in 2013 dolla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Constitutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
President Of The United States
The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces. The power of the presidency has grown substantially since the first president, George Washington, took office in 1789. While presidential power has ebbed and flowed over time, the presidency has played an increasingly strong role in American political life since the beginning of the 20th century, with a notable expansion during the presidency of Franklin D. Roosevelt. In contemporary times, the president is also looked upon as one of the world's most powerful political figures as the leader of the only remaining global superpower. As the leader of the nation with the largest economy by nominal GDP, the president possesses significant domestic and international hard and soft power. Article II of the Constitution establ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue Act Of 1861
The Revenue Act of 1861, formally cited as Act of August 5, 1861, Chap. XLV, 12 Stat. 292', included the first U.S. Federal income tax statute (seSec.49. The Act, motivated by the need to fund the Civil War, imposed an income tax to be "levied, collected, and paid, upon the annual income of every person residing in the United States, whether such income is derived from any kind of property, or from any profession, trade, employment, or vocation carried on in the United States or elsewhere, or from any other source whatever . . . . The tax imposed was a flat tax, with a rate of 3% on incomes above $800. The Revenue Act of 1861 was signed into law by Abraham Lincoln. The income tax provisionSections 49, 50 and 51 was repealed by the Revenue Act of 1862. (SeSec.89 which replaced the flat rate with a progressive scale of 3% on annual incomes beyond $600 (which was 3.4 times the 1862 nominal gross domestic product per capita of $177.69; the corresponding income in 2021 is $234K) an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jay Cooke
Jay Cooke (August 10, 1821 – February 16, 1905) was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States. He is generally acknowledged as the first major investment banker in the United States and creator of the first wire house firm. Early life Cooke was born at Sandusky, Ohio, the son of Eleutheros Cooke and Martha Carswell Cooke. Eleutheros Cooke was a pioneer Ohio lawyer and Whig, a member of the Ohio General Assembly, and a member of Congress from Ohio from 1831 to 1833. Financier of the Civil War In 1838, Cooke went to Philadelphia, where he entered the banking house of E. W. Clark & Co. as a clerk, and became a partner in 1842. He left this firm in 1858. On January 1, 1861, just months before the start of the American Civil War, Cooke opened the private banking house of Jay Cooke & Company in Philadelphia. Soon after the war began, the state of Pen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Of 1812
The War of 1812 (18 June 1812 – 17 February 1815) was fought by the United States of America and its indigenous allies against the United Kingdom and its allies in British North America, with limited participation by Spain in Florida. It began when the United States declared war on 18 June 1812 and, although peace terms were agreed upon in the December 1814 Treaty of Ghent, did not officially end until the peace treaty was ratified by Congress on 17 February 1815. Tensions originated in long-standing differences over territorial expansion in North America and British support for Native American tribes who opposed US colonial settlement in the Northwest Territory. These escalated in 1807 after the Royal Navy began enforcing tighter restrictions on American trade with France and press-ganged men they claimed as British subjects, even those with American citizenship certificates. Opinion in the US was split on how to respond, and although majorities in both the House and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salmon P
Salmon () is the common name for several commercially important species of euryhaline ray-finned fish from the family Salmonidae, which are native to tributaries of the North Atlantic (genus ''Salmo'') and North Pacific (genus '' Oncorhynchus'') basin. Other closely related fish in the same family include trout, char, grayling, whitefish, lenok and taimen. Salmon are typically anadromous: they hatch in the gravel beds of shallow fresh water streams, migrate to the ocean as adults and live like sea fish, then return to fresh water to reproduce. However, populations of several species are restricted to fresh water throughout their lives. Folklore has it that the fish return to the exact spot where they hatched to spawn, and tracking studies have shown this to be mostly true. A portion of a returning salmon run may stray and spawn in different freshwater systems; the percent of straying depends on the species of salmon. Homing behavior has been shown to depend on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Civil War
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States. It was fought between the Union ("the North") and the Confederacy ("the South"), the latter formed by states that had seceded. The central cause of the war was the dispute over whether slavery would be permitted to expand into the western territories, leading to more slave states, or be prevented from doing so, which was widely believed would place slavery on a course of ultimate extinction. Decades of political controversy over slavery were brought to a head by the victory in the 1860 U.S. presidential election of Abraham Lincoln, who opposed slavery's expansion into the west. An initial seven southern slave states responded to Lincoln's victory by seceding from the United States and, in 1861, forming the Confederacy. The Confederacy seized U.S. forts and other federal assets within their borders. Led by Confederate President Jefferson Davis, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
