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Today’s tax trivia question is:
In 1861, Congress instituted the first US federal income tax in order to raise revenue to pay for the Civil War. What was the top tax rate at that time?
Don’t forget: the first correct answer wins free CCH tax prep software.
What’s your guess?
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3% over $800 income
Jeff Day
5% on income of individuals living outside the country.
6%
Jeff, that was one of the rates but not the highest…
Travis, you’re the winner! Although the rate was for everyone… The first $600 was exempt, the next rate was 3% for those reporting between $600 and $10,000. Those making over $10,000 were taxed at 5%.
5% on income from property, securities, or stocks owned in the U.S. by any U.S. citizen living abroad, except income from interest on Treasury notes or other obligations of the U.S.
15% maybe?