![]() ![]() ![]() But the farmers of the south and west suffered from low prices for their farm products, while they were forced to pay high prices for manufactured goods. Congress repealed the income tax in 1872, but the concept did not disappear.Īfter the Civil War, the growing industrial and financial markets of the eastern United States generally prospered. At first, Congress placed a flat 3-percent tax on all incomes over $800 and later modified this principle to include a graduated tax. The financial requirements of the Civil War prompted the first American income tax in 1861. Far-reaching in its social as well as its economic impact, the income tax amendment became part of the Constitution by a curious series of events culminating in a bit of political maneuvering that went awry. ![]()
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