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 …