Wilson-Gorman Act

(redirected from Wilson-Gorman Act of 1984)

Wilson-Gorman Act

Legislation in the United States, enacted in 1894, that imposed the first income tax in peacetime. Primarily, the act significantly lowered tariffs, but levied an income tax of 2% on incomes over $4,000 to make up the lost federal revenue. The act is formally called the Revenue Act of 1894.