FREE: US Internal Revenue 2c Stamp used/canceled

The listing, US Internal Revenue 2c Stamp used/canceled has ended.

Congress passed the Revenue Act of 1862 on July 1, 1862, that included a broad program of additional taxes to partially offset the rising war expenditures and created the Office of the Commissioner of Internal Revenue.Most new taxes began October 1, 1862.

The most significant aspects of the law were (1) the first federal income tax, (2) the creation of the Bureau of Internal Revenue (now Internal Revenue Service) under the Treasury Department, and (3) the use of adhesive tax stamps.The income tax was certainly the largest single tax source, bringing in over $340 million over the ten-year period the tax was in effect.The income tax lasted a decade, repealed in 1872, seven years after the end of the war.It set the precedent for the income tax in 1894 (declared unconstitutional) and the current income tax provisions beginning in 1913 after the passage of the 16th Amendment.For good or bad, the Internal Revenue Service is still around.Perhaps the most interesting aspect is the first use of adhesive stamps by the federal government for revenue collections.Although this accounted for relatively low levels of revenues, some eight billion revenue stamps were used.These became collectibles, found on virtually every document issued and many proprietary and related articles. Free shipping in continental US.