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Tax Act of 1862 Signed on July 1, 1862

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Federal Income Tax Signed Into Law on This Day In History

On this day in 1862, Abraham Lincoln signed the Tax Act into law.  This law established a 3% federal tax on income above $600 and a 5% tax on income above $10,000.  In 2014, the lowest marginal federal income tax rate is 10% for income up to $9,000.  If you have questions regarding your business or personal tax liability or tax implications in estate planning, contact one of our three attorneys who have a Master of Laws in Taxation, Brad Grossenburg, Matthew Bock, or Craig Krogstad.  

 

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