1861 - President Abraham Lincoln signed into law the first Federal income tax, a 3 percent tax on incomes over $800, as an emergency wartime measure during the Civil War. However, the tax was never actually put into effect.
2011 - Standard & Poor’s credit rating agency downgraded the United States debt from its highest rating of AAA to a lesser AA+ rating, marking the first-ever decline of credit worthiness for the U.S.
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London 2012 Olympics Day 10
http://nraombakc.blogspot.com/2012/07/5-august-knowledge-history-science.html
http://www.historyorb.com/events/august/5
http://en.wikipedia.org/wiki/August_5
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