Which U.S. president enacted the federal income tax system?
Abraham Lincoln was an American politician and lawyer who served as the 16th President of the United States from March 1861 until his assassination in April 1865.
A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer’s taxable income, such as employment earnings or capital gains.
President Abraham Lincoln authorized the first federal income tax in 1861 when he signed into law the Revenue Act.
In 1861, Lincoln imposes the first federal income tax by signing the Revenue Act. Strapped for cash with which to pursue the Civil War, Lincoln and Congress agreed to impose a 3 percent tax on annual incomes over $800.