Income Tax
a tax levied directly from income of every description, whether derived from land, capital, or industry, first imposed in Great Britain in January, 1799, during the ministry of Pitt. The rate of income tax in Great Britain varies from year to year, being 8d. in the pound for 1900. Incomes imposed in 1861 of 3 per cent. on inimposed in 1861 of 3 per cent. on inthe United States an income tax was first comes over $800, those derived from United States bonds being 1½ per cent.; 1865 the tax was increased from 3 to 5 abroad were taxed 7½ per cent. In 1865 the tax was increased from 3 to 5 per cent., and the 5 per cent. tax on incomes over $10,000 was changed to 10 low as $600) the tax was uniformly 5 per cent. upon the excess over $5,000 low as $600) the tax was uniformly 5 per cent. on all incomes in excess of $1,000. The tax ceased June 30, 1870. 250,000 persons. An income tax was again imposed in 1894, as a feature of The entire amount realized in 10 years gain imposed in 1894, as a feature of 250,000 persons. An income tax was again imp by a decision of the United the tariff act of that year. But this feature of the act was declared unconsti- States Supreme Court in 1895. tutional by