The Revenue Act of 1861 |
It's not currently tax season, but certainly hearing the words "income tax" can make you shudder. Sixteenth President of the United States, Abraham Lincoln, imposes federal income tax for the first time on this day in 1861 by signing the Revenue Act. Unlike income tax today, the rates are not over 10%, it was a mere 3 percent on income over $800. In 1871, Congress repealed the law, however, the 16th Amendment, ratified in 1913, was a foundation to the federal income tax system today.
Only a year after the ratification of the 16th Amendment, the world's first electric traffic signal was installed on this day in 1914. The traffic light on the corner of Euclid Avenue and East 105th Street in Cleveland, Ohio, was based on a design by James Hoge, but created by inventor Garret Morgan. Today, the green, yellow, and red lights are a familiar sight to those who drive on modern roads.
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