Title: Lincoln's Presidency Chart Flashcards | Quizlet
Headings: Lincoln's Presidency Chart
Lincoln's Presidency Chart
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Content: Made mailing much cheaper and faster. Financing the War
North/Union: -borrow 250 million to finance the civil war by selling bonds. They sell it to the big industries such as wall street but also sell it to families of the Union to support the Union for the Civil War. -The legislation levied a 3% tax against incomes over $800, increased twice during the war. -Nation's first income tax was the Revenue Act of 1862. The annual income residents was taxed at 3%, and people who got an income of 10,000 or more was taxed a 5%. South/Confederacy: -Created paper money and put taxes on specific items. -Introduced a self-imposed embargo on cotton exports.