How Much Does the President of the United States Get Earn?

How Much Does the President of the United States Get Earn?

In-Office and Post-Office Compensation for Former Presidents of the United States

Even though Joe Biden makes about seven times as much as the average American, this difference in pay was planned by the country’s founding fathers.

During his or her time in office, the President of the United States is entitled to a salary of $400,000 a year in addition to a $50,000 expense account. In 1949, Congress established the account for reimbursement of expenses. This covers the president’s personal costs, which may include food and dry cleaning, among other things. 

The typical weekly income in the United States is $1,038, which results in an annual salary of $53,924 when multiplied by 52 weeks.

If each citizen of the United States contributed the same amount to the president’s salary, their annual contribution would be 12 cents. 

Additionally, a $100,000 non-taxable travel account can be obtained through Title 2 of the United States Code. The United States Congress has set aside $19,000 to cover the cost of official presidential receptions and other expenses associated with them. One of the additional benefits is a complimentary ride in the presidential limousine, as well as on Marine One and Air Force One. 

The President lives in the White House at no cost and with all of his or her furnishings provided. In addition, the First Family is given $100,000 to redecorate the White House to make it feel more like home.6 In order to maintain the White House, it is necessary to have permanent occupants, such as housekeepers, cooks, valets, and groundskeepers.

Healthcare for the President of the United States of America is provided at no cost 

In contrast to other federal employees, the President and Vice President are expressly permitted to accept any gift for themselves or on behalf of any family member, so long as the gift is not solicited, coerced, or given in exchange for an official act. This is the case provided that the gift is not given in exchange for an official act.

Key Takeaways

The President of the United States gets a salary of $400,000 per year and a $50,000 expense account under the current government.

When a president leaves office, he or she is entitled to a pension and many other benefits.

The benefits that are given to previous presidents total about $5 million each year, with more than 40 percent of the expenses going toward the cost of office space.

Despite the fact that the first spouse is responsible for a great deal, she is not compensated for her work.

A Former President Who Refused to Accept a Salary

The President is required to accept remuneration in accordance with the Constitution.

The Founding Fathers had the intention of ensuring that even wealthy presidents were shielded from misfortunes that may have led them to accept bribes. It’s possible that the pay was meant to ensure that an incoming president would be able to take office even if they didn’t have a lot of money in their personal bank account.

There have been four presidents who have either entirely or partially turned down their salaries. Instead, they gave some or all of it away to charity.

Donald J. Trump gave a donation equal to his annual salary of $400,000 to a variety of federal departments between 2017 and 2020. It is estimated that Trump’s net worth is approximately $3 billion. 

John F. Kennedy gave away his annual salary of $100,000 to various charities. He was the recipient of a trust fund that was worth many millions of dollars. In addition, during his 14 years of service in Congress, he made charitable donations of his salary. 

Herbert Hoover donated a portion of his salary to a number of different charitable organizations. He distributed some of it to the members of his staff. In 1913, Hoover had a net worth of approximately $4 million, which is equivalent to almost $115 million today. 

In the beginning, George Washington considered forgoing his income of $25,000 altogether. In addition, he did not take a salary while he was in charge of our country’s military operations. 

Compensation for the First Spouse

There is no pay for the first spouse in the United States.

Some first ladies forego prosperous careers in order to take up residence in the White House. For instance, Hillary Clinton worked as a partner at the Rose Law Firm in Arkansas, and Michelle Obama worked as an executive at the University of Chicago Hospitals. Both women are running for president of the United States.

Compensation Given to Vice Presidents

The annual pay of the Vice President of the United States, who will be Kamala Harris as of the year 2021, will be $261,400 for the calendar year 2022. In the year 2022, the salary of the Chief Justice of the Supreme Court of the United States is $286,700, while the salary of the Speaker of the House is $223,500. A yearly cost-of-living adjustment is given to the Vice President of the United States. 

The pension of the Vice President is computed in the same manner as that of the other members of Congress. Former Vice Presidents and their families are eligible to receive protection from the Secret Service for a period of six months after they leave office, and on a temporary basis at any time after that if it is deemed necessary. 

The Compensation Received by Each President Throughout History

The president has only received a pay increase from Congress five times. During their current time in office, presidents are not eligible for pay increases. As a consequence of this, the majority of raises are handed down as gifts from one president to the next.

The following is a timeline of presidential salaries, along with an estimate of how much those salaries would be worth in today’s money. Because of inflation, the purchasing power of each of the nation’s former presidents was greater than that of the current chief executive of the United States.

In the year 1789, the president was paid a salary of 25,000 dollars. In the year 2022, it would have been valued at more than $800,000.

1873 was the year that President Ulysses S. Grant signed the bill that gave him the authority to receive a pay increase during his second term in office. The annual income of $50,000 in 2012 would be equivalent to $1.18 million in 2022.

William Taft was paid a salary of $75,000 in the year 1909. In the year 2022, it would have a value of $2.34 million.

In 1949, Harry Truman was paid a total of $100,000 for his position as president. In the year 2022, it would be valued at 1.18 million dollars.

In 1969, Richard Nixon made $200,000 a year, which would be equivalent to $1.59 million now.

In 2001, George W. Bush was given a total of $400,000 in compensation. This sum of money paid in 2001 would be equivalent to around $648,123 in 2022 dollars. 

How Long Do Presidents Get to Keep Their Paychecks?

The Former Presidents Act of 1958 ensures that former presidents of the United States get a salary for the rest of their lives.

The measure was ultimately passed by Congress in order to provide for President Harry Truman. Following his departure from the office, he encountered a number of financial difficulties. The Act grants a pension to previous presidents of the United States. They are also provided with funding for mailing costs, travel expenses, office space, and support staff. The compensation should be comparable to that of the head of an executive department in the federal government. These Executive Level I employees had total compensation of $226,300 in 2022. 

In addition, former presidents are provided with seven months’ worth of transition services. It pays for the costs of putting an end to the last administration’s work and getting the new administration up to speed.

They are provided with financial support for office space as well as office employees. The total annual compensation for the employees is capped at $150,000 per year for the first thirty months and then decreases to $96,000 per year after that. Former presidents’ widows and widowers each receive a yearly payment of $20,000. 

How Long Does a President Enjoy the Benefits of a Secret Service Detail?

Secret Service agents are required to provide lifetime protection for former presidents and their spouses. The term limit for presidents who took office after 1997 was cut in half by Congress in 1994, bringing it down to 10 years. 

However, in 2012, Congress reinstituted the protection for a lifetime. The Secret Service continues to provide protection for the children of past presidents until they reach the age of 16. The price tag for Secret Service security is kept a closely guarded secret.

If a former president does not receive protection from the Secret Service, the Former Presidents Act pays them one million dollars per year to cover their travel and security costs. If they did not get protection from the Secret Service, former first spouses are eligible for a yearly payment of $500,000 to be used for travel and security purposes. 

Former Presidents’ Annual Salary Averages

The Former Presidents Act governs how much ex-presidents are paid once they leave office. This amount is comparable to the compensation received by the director of an executive department. The other costs fluctuate according to the requirements of each president. 

Expense management is handled by the General Services Administration.

The data presented here comes from the budget for the fiscal year 2022, which is the most up-to-date information that was accessible as of April 2022.

It was Jimmy Carter

The years from 1977 to 1981 were Jimmy Carter’s in the Oval Office. While he was in the office, he brought in a yearly salary of $200,000 and had an expense account of $50,000. 22

Due to his status as a former president, Carter will receive the sum of $489,000 in the fiscal year 2022. This figure takes into account pension benefits totaling $225,000, the cost of office space amounting to $118,000, and the salaries and benefits of contractual staff totaling $122,000. 10

Bill Clinton

Bill Clinton held the presidency from 1993 until 2001. He had annual earnings of $200,000 with costs totaling $50,000. 

As a former president, Clinton is expected to earn a payment of around $1.2 million during the fiscal year 2022. This comprises pensions totaling 244,000 dollars and employee salaries and perks totaling 219,000 dollars. He does not have a budget for the trip, but he will earn 612 thousand dollars for office space. 

George W. Bush

The years 2001–2009 were George W. Bush’s office. He was the first president to make $400,000 a year, which was a record at the time. 

Ex-President George W. Bush is eligible to receive a payment of approximately $1.2 million during the fiscal year 2022. This includes $221,000 in salaries and benefits for the personnel, which total $238,000. He does not have a budget for travel, but he will receive $542,000 for office space, in addition to additional funding for tens of thousands of dollars to cover other needs. 

Barack Obama

From 2009 to 2017, Barack Obama was in office. While serving as president, he brought in an annual salary of $400,000 and had an expense account of $50,000.

Ex-President Obama is eligible to collect a pension of around $1.2 million for the fiscal year 2022. This includes the $250,000 he will receive for his pension. In benefits and salaries, he has been allotted a total of 220,000 dollars for his crew. The sum of $603,000 is allocated to cover Obama’s office space, communications, utility, and other miscellaneous expenses. He has no trip budget for 2022. 

Trump, Donald

The years 2017 through 2021 comprised Donald Trump’s full term in office. He had a yearly expenditure account of $50,000 despite making $400,000 in income. 22. He gave a portion of his salary to a different federal agency every three months.

As a former president, Trump is eligible to collect a pension of around $900,000 for the fiscal year 2022. This includes a pension payment of $225,000 for him. Additionally, he receives $159,000 in unspecified services, $34,000 for communications and other incidental expenses, $160,000 for office space, and $291,00 for personnel salaries and benefits. 

Questions That Are Typically Asked (FAQs)

When does a person reach the age of eligibility to run for President of the United States?

The minimum age requirement to run for president of the United States is 35 years old. Theodore Roosevelt, who was 42 years old when he assumed office as president, holds the record for being the youngest person ever to hold that position. 

Joe Biden, who was 78 years old when he was inaugurated as vice president, holds the record for being the oldest person ever to be elected to the presidency. 

Has any of President Trump’s salaries been donated?

Donald Trump gave a portion of his salary to a number of departments and agencies of the United States federal government. One of these was the Office of the Assistant Secretary of Health, which received one hundred thousand dollars “to support the continuing fight against the opioid crisis.”

What was the annual pay of George Washington when he was president?

Washington made $25,000 each year, which is equivalent to almost $806,000 in today’s dollars. That is a significant increase from the present annual compensation of the president, which is $400,000.

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