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Income Tax Act Of 1797: A Case Study

290 Words2 Pages

The Stamp Act of 1797 was officially rescinded when the war was concluded.

When the civil war started, property tax was reinstated to help finance the needs of the government. However, it was different to the Stamp Act of 1797. The Tax Act of 1862 was created for the first time to impose the inheritance tax and succession tax. In 1864, the rates of inheritance taxes and succession taxes were increased to generate more revenue. Nevertheless, when the war was over, the government repealed the inheritance taxes.

The Income Tax Act of 1894 was all about estate taxes as well. Gift taxes and inheritance taxes as part of income were subject to tax, a decision made by the legislation. This decision was significant and had a huge role in the Sixteenth

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