It was supposed to be a temporary tax to fund the Civil War, but like most/all taxes, the "temporary" became permanent. (1)
From Wikipedia - In 1913, the top tax rate was 7% on incomes above $500,000 (equivalent to $12.9 million in 2019 dollars) and a total of $28.3 million was collected.
From Wikipedia - In 1913, the top tax rate was 7% on incomes above $500,000 (equivalent to $12.9 million in 2019 dollars) and a total of $28.3 million was collected.
1 - https://www.mwattorneys.com/blog/first-income-tax-was-suppos...