The Revenue Act of 1862
On July 1, 1862, President Abraham Lincoln signed the Revenue Act of 1862 into law, to help fund the Civil War.
In 1861, the federal government faced a financial crisis. By June of that year, eleven Southern states had seceded and the Civil War broke out. In addition to the cost of funding a major conflict, the federal government also lost tariff revenue it had collected on goods imported by the South.