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28 August, 12:13

What laws did the federal government pass to increase funds needed for fighting the civil war?

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  1. 28 August, 16:06
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    The Revenue Act of 1862 was the first income tax law that was passed with a bracket of 3% tax on annual income of U. S. citizens while those with income above $10,000 had to pay 5% tax.

    The National Banking Act created a system of national banks which provided stable currency. It was compulsory for new banks to purchase government bonds, therefore providing financing for the war.

    Legal Tender Act of 1862 - paper money was issued to finance the war.
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