On this day in 1861, in order to finance the Civil War, President Abraham Lincoln signed the Revenue Act, imposing the first federal income tax in U.S. history.
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Explanation:
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The main aim of the taxation is for the finance of war effort. An act called Internal Revenue Act was formulated by the congress in the 1862 which formed a governing body called Bureau of Internal Revenue who will take care of the collection of taxes.
The money collected in the form of taxes has reduced the burden of the government war spending but on the other side it has affected the livelihood of the people in America.
The mixed response from the general public has paved way for the conflict in the society and led to the unrest. But on the other hand the revenue collected from the taxation is used for policy related projects and urban infrastructure development.
although the democratic party dominated
state politics for much of the twentieth century, by the 1950's it faced internal
division between Liberal and Conservative Democrats.
The split between liberal and conservatives that developed
in the Democratic Party focused on New Deal economic policies and civil rights
measures.
