anniversaries us income tax

Another income tax was implemented in Britain byWilliam Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic wars. Pitt's new graduated income tax began at a levy of in the pound on incomes over £60 and increased up to a maximum of on incomes of over . Pitt hoped that the new income tax would raise million but actual receipts for 1799 totalled just over £6 million (see UK income tax history for more information).The first United States income tax was imposed in July 1861, at 3% of all incomes over 800 dollars in order to help pay for the war effort in the tax repealed and replaced by another income tax in 1862.A personal or individual income tax is levied on the total income of the individual (with some deductions permitted). It is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year These corrections take one of two forms: payments to the government.