Title: Personal Finances of Abraham Lincoln
Headings: 
VIII. Savings During the Presidency
Content: 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. Congress, by joint resolution on July 4, 1864, imposed an additional special income tax to defray expenditures for the war bounties. This called for the payment of five per cent on all income received in 1863. Lincoln paid this special tax in the amount of $1,279.13, on December 15, 1864. This figure represented five per cent of his salary of $25,000 less the $600 exemption, and additional income of $1,183 from interest from 7-30 Treasury Notes. 5
Soon after the passage of the income tax law in 1862, newspapers asserted that President Lincoln was exempt from paying the tax, but that he was paying the tax by his own desire. 6 Attorney General Hoar, in an opinion rendered to the Secretary of the Treasury in 1869, held that the Constitution in the first section of the second article prohibited Page 127 the diminution of the salaries of justices of the Supreme Court and the President during their respective terms of office; and that this prohibi|tion extended to the deduction from such salaries of an income tax. 7 On April 25, 1872, Administrator Davis filed a claim with the Treasury for a refund of Lincoln's tax payments of $2,305.94 from his salary and $1,250 paid under the joint resolution of Congress of July 4, 1864. The Treasury allowed the claim, and a warrant for $3,555.94 was issued to Davis.