1861day.year
American Civil War: In order to help pay for the war effort, the United States government levies the first income tax as part of the Revenue Act of 1861 (3% of all incomes over US$800; rescinded in 1872).
The United States introduced its first federal income tax through the Revenue Act of 1861 to fund the Civil War.
On 5 August 1861, President Abraham Lincoln signed the Revenue Act, instituting the United States’ first federal income tax.
The new tax imposed a 3% levy on incomes over $800 to help finance Union war expenses.
Critics argued it was unconstitutional and burdensome, while supporters saw it as essential for wartime funding.
The tax was repealed in 1872, but it set a precedent for future federal revenue generation.
This landmark policy laid the groundwork for modern U.S. tax systems and fiscal governance.
1861
American Civil War
United States government
income tax
Revenue Act of 1861
1872
1874day.year
Japan launches its postal savings system, modeled after a similar system in the United Kingdom.
Japan launches its postal savings system in 1874, modeled after the United Kingdom's scheme to mobilize domestic finance.
In 1874, the Meiji government introduced a postal savings system to encourage ordinary citizens to save money securely.
Modeled after the United Kingdom's Post Office Savings Bank, it allowed deposits at local post offices with guaranteed interest.
The initiative aimed to gather domestic funds to finance Japan's rapid industrialization and modernization projects.
The wide network of post offices provided rural and urban access, fostering financial inclusion across the nation.
Over time, the system became one of the world's largest savings networks, trusted for its safety and government backing.
Its legacy continues today in the modern postal banking services offered by Japan Post.
1874
postal savings system
1882day.year
Standard Oil Company of New Jersey, today known as ExxonMobil, is established officially. The company would later grow to become the holder of all Standard Oil companies and the entity at the center of the breakup of Standard Oil.
Standard Oil Company of New Jersey is established in 1882 and would later become ExxonMobil at the center of the Standard Oil breakup.
In 1882, John D. Rockefeller and his partners officially incorporated the Standard Oil Company of New Jersey.
The firm consolidated many of Rockefeller's refining and distribution interests under a single legal entity.
Over the following decades, it grew into the largest of the Standard Oil trusts, controlling vast oil reserves and pipelines.
This dominance led to one of the most famous antitrust cases in U.S. history, culminating in the 1911 Supreme Court breakup.
After divestiture, the New Jersey company reemerged and eventually became Exxon, later known as ExxonMobil.
Its history reflects the rise of corporate America and the evolution of federal regulation on monopolies.
1882
Standard Oil
ExxonMobil
breakup of Standard Oil