By Tricia Drevets
With an estimated web well worth of $three.7 billion, U.S. President-elect Donald Trump will be by far the wealthiest gentleman to choose the workplace.
He mentioned each through the campaign and in a the latest write-up-election interview with Lesley Stahl of CBS’s sixty Minutes that he will not take his $four hundred,000 income. “No, I am not going to choose the income,” he stated. “I’m not having it.”
Trump is not the initially president to forgo the paycheck. Some of his wealthy predecessors, together with Herbert Hoover and John F Kennedy, donated their salaries to charity.
Even though lots of presidents were wealthy when they took workplace – George Washington’s web well worth nowadays would amount to $525 million — other individuals were decidedly not. Abraham Lincoln, Ulysses S. Grant, Harry Truman and Calvin Coolidge rank as our poorest commander-in-chiefs.
With top rated CEOs simply having in far extra than the President of the United States does, it is exciting to examine the historical past of the presidential income.
It was President Invoice Clinton who signed laws in 1999 that doubled the presidential pay out from $200,000 to $four hundred,000. Clinton himself did not gain from the boost, which was the initially alter given that 1969. In simple fact, the U.S. Structure states that a president elected to a next term is not entitled to a raise.
Report II, Portion one states, “The President shall, at mentioned situations obtain for his expert services, a payment, which shall neither be amplified nor diminished through the time period for which he shall have been elected …”
Remarkably, the 1999 boost was only the fifth time the presidential income has gone up. With no a mechanism to alter the payment automatically, any adjustments ought to appear through Congressional laws.
In 1789, the nation’s initially president’s income was $25,000. A wealthy landowner, Washington at initially refused the healthful payment, but later he acknowledged a little part of it to enable protect his vacation charges.
It was approximately a century later that the presidential income amplified, setting up numerous $25,000 at a time increases. In 1873, through Grant’s next term, it rose to $50,000. Then in 1909, President William Howard Taft received $seventy five,000.
In 1949, Harry Truman was paid $a hundred,000. Then, in 1969, Richard Nixon’s income as president jumped to $200,000. It stayed at that mark for thirty many years until finally Clinton authorized the current $four hundred,000. George W. Bush, who took workplace in 2001, was the initially president to obtain the current income.
In addition to the taxable income, presidents also have had a non-taxable yearly cost account of $50,000 given that 1949. This fund is typically utilized to pay out for dinners and meetings that do not appear below a sure agency or department’s spending budget. Any unused funds from this account are returned to the Treasury Division every single calendar year.
What about the vice president’s income? Since laws handed in 1989, the vice president’s income is the exact as that of chief justice of the United States and of the speaker of the Household.
Contrary to the president’s income, which is fastened, the vice president’s income is subject to yearly price of dwelling increases. Previous calendar year, Vice President Joe Biden received $230,seven-hundred, as well as a $ten,000 taxable cost account.
Since 1958, previous presidents have been granted a pension, an workplace, a workers, vacation funds, Top secret Provider security and cost-free mailing privileges.The pension amount is based on the income of the current administration’s cabinet secretaries. In 2015, the pension was $203,seven-hundred. It is set at $205,seven-hundred for 2016.
Now, previous presidents also gain substantial earnings as speakers and as authors. For occasion, according to a CNN report, previous President Invoice Clinton attained $132 million for speeches shipped in between February 2001 and March 2015. Clinton reportedly attained a further $fifteen million by publishing his memoirs. In accordance to study by Politico, George W. Bush gave about 200 speeches in the time period from 2009 to 2015, charging $a hundred,000 to $175,000 for every single speech.
Republicans have launched laws to slash every single pension by a greenback for every single greenback a previous president earns over $four hundred,000 in the non-public sector every single calendar year.
“If you are going to go out and make monumental sums of dollars, then you never need to have taxpayer subsidies,” Rep. Jason Chaffetz (R., Utah), who launched the invoice in the Household of Representatives, stated in an ABC interview.
In accordance to Burton Kaufman, creator of the guide “The Submit Presidency: From Washington to Clinton,” some presidents, like Washington, are likely to withdraw from the community eye soon after their conditions close, though other individuals, like Jimmy Carter with Habitat for Humanity, focus on charitable initiatives.
What will President Barak Obama do soon after he leaves the White Household on January 20? At the age of fifty five, he has lots of active many years ahead of him, and he is leaving the presidency with substantial acceptance ratings. As a result, it is possible he will write a abide by-up to his profitable memoir “Desires from My Father.”
Both President Obama and his spouse, Michelle, also will be huge draws on the valuable speaking circuit. They possible will rival Hillary and Invoice Clinton, who gain hundreds of 1000’s of bucks for every single speaking engagement they make.
In wondering about all this wealth, it is uncomplicated to ignore that The united states has had its share of bad presidents. Civil War hero Ulysses S. Grant, the 18th president, was bankrupt soon after staying defrauded by Ferdinand Ward, his son’s business partner. He was in a position to give his spouse and children some monetary stability soon after the memoirs he wrote though he was dying marketed posthumously for about $five hundred,000.
William McKinley turned bankrupt in the despair of 1893 soon after an unwell-fated investment in a tinplate business. In buy to pay out his debts, McKinley solicited his friends to enable him promote home and raise dollars.
Harry S. Truman struggled monetarily most of his lifestyle, and he was in credit card debt when he commenced his political job as a senator. Truman and his spouse, Bess, were the initially two official Medicare recipients when President Lyndon Johnson signed that wellbeing system into legislation.
Oh, and in scenario you are into official wording, here is the statue about the president’s pay out:
The President shall obtain in full for his expert services through the term for which he shall have been elected payment in the combination amount of $four hundred,000 a calendar year, to be paid regular, and in addition an cost allowance of $50,000 to aid in defraying charges relating to or ensuing from the discharge of his official responsibilities. Any unused amount of these types of cost allowance shall revert to the Treasury pursuant to segment 1552 of title 31, United States Code. No amount of these types of cost allowance shall be bundled in the gross earnings of the President. He shall be entitled also to the use of the home furniture and other outcomes belonging to the United States and stored in the Govt Home at the White Household.