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Year End Investing Tax Tips - Special Report

Quiz: QUIZ: Taxes - Then and Now

Question 3 of 10

When was the first income tax imposed in the U.S.?

  1. 1862
  2. 1891
  3. 1913
  4. 1921
Correct!

Though the income tax as we know it was first imposed in 1913, the first such tax was in 1962 and was used to help pay for the Civil War. Sales, excise and inheritance taxes were also imposed.

SOURCE: Income Tax Records of the Civil War Years | Prologue Magazine