1. Progressive Income Tax
... of the House of Representatives, enclosing "a tax of three percent on all incomes over $600 a year" (68). The Senate passed a bill asking for a five percent tax on all income over $1000 a year on the same day. The Conference Committee came up with a three percent tax on annual incomes over $800 ... , and it was also not implemented. By 1862, the tax was altered by setting progressive rates "at three percent on incomes between $600 and $10,000; five percent between $10,000 and $50,000; and 7.5 percent over $50,000" (68). The progressive rates were not, however, set for "redistributing in...
- Word Count: 2725
- Approx Pages: 11
- Has Bibliography
- Grade Level: High School