Trump's potential salary donation: History repeats itself?
Donald Trump might once again make history as a U.S. President who forgoes his salary. The President's salary is $400,000 per year (CAD 566,000), but that's only part of the financial benefits associated with the office. Outgoing President Joe Biden can also expect a generous pension.
The current President's salary is $400,000 (CAD 566,000) per year and is taxable. Additionally, the head of state receives $50,000 (CAD 70,500) for representation expenses, $100,000 (CAD 140,000) for travel, and $19,000 (CAD 27,000) for entertainment purposes.
Since the creation of the presidency in 1789, the salary amount has been changed only five times. In 1999, the current rate was set and has remained unchanged to this day.
Donald Trump, like George Washington, John F. Kennedy, and Herbert Hoover, stood out with his decision to donate his presidential salary to charity during his first term. "Fakt" notes that there is a good chance that Trump might make a similar decision during his second term.
Pensions and benefits for former presidents
After leaving the White House, former presidents benefit from a generous pension system. Joe Biden can expect an annual pension of $246,000 (CAD 350,000), along with funds for running an office and hiring staff, reimbursement for travel expenses (up to $1,000,000 annually, approximately CAD 1,400,000), lifetime health care, Secret Service protection, and the right to a state funeral at Arlington National Cemetery.
This system was introduced in 1957 at the initiative of Harry Truman, who argued that former presidents were in a difficult financial situation. However, later studies showed that Truman had a net worth equivalent to today's $58 (CAD 82) million.
Benefits can only be revoked in the case of impeachment followed by conviction by Congress. So far, no president has lost this right, even after the impeachment process, as in the case of Bill Clinton or Donald Trump.
Additional sources of income
Former presidents often leverage their popularity to generate additional income. Barack and Michelle Obama signed a record-setting publishing contract worth $60 (CAD 85) million, George W. Bush earned $10 (CAD 14) million from his memoirs, and Bill Clinton took in $14 (CAD 20) million for his autobiography.
