Page 748 - Bruce Ellig - The Complete Guide to Executive Compensation (2007)

Appendix B

Selected Laws

T he information in this appendix is intended to be illustrative and should not be relied
upon as necessarily complete or accurate. Nonetheless, it should be helpful as a starting
point for specific inquiries with appropriate counsel.

1791 Revenue Act
• Tax on whiskey
1798 Revenue Act
• Federal property and estate tax enacted (up to 1%)
• Repealed in 1805
1807 Embargo Act
• Forbade American trade with any foreign port
1813 Civil Rights Act
• Established citizen property rights
1861 Revenue Act
• First federal income tax established to help finance the Civil War
• A flat tax of 3% on annual income in excess of $800
1861 National Banking Act
• Created nationally chartered banks
• Gave authority to issue paper money backed by government bond
1862 Legal Tender Act
• Authorized paper money (called greenbacks) as legal tender
1862 Revenue Act
• A tax of 3% on income over $500 but less than $10,000
• A tax of 5% on income over $10,000

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