Lincoln's last paycheck

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(08-12-2014 11:19 AM)richard petersen Wrote:  The check was for $1981. If this was monthly the amount would total $23772. If I recall the President's salary was $25,000. If the $25000 is correct, any idea on what happened to the $1228?

Income tax was first collected under the general revenue act, ap|proved July 1, 1862. A tax was imposed upon the salaries of federal officials at the rate of three per cent on incomes in excess of $600, and the disbursing officers were required to withhold the "income duty," as it was called, at the time of the payment of the salary.

Some time was required to set up the machinery of collection, with the result that the first withdrawal of $61 from Lincoln's salary warrant was not made until September, 1862. Thereafter his warrant was re|duced from $2,083.33 to $2,022.33 a month. The continuance of the war and the pressing need of more revenue led to the enactment of a new law on June 30, 1864. Under its provisions salaries of federal offi|cials were taxed at five per cent on annual income above $600. With|holding $91.66 each month, the Treasury issued Lincoln's warrants in amounts of $1,981.67 from July 4, 1864 until the time of his death.

From: http://quod.lib.umich.edu/l/lincoln2/525...w=fulltext