How Much Does The President Make?
How much does President Make?
The President of the United States earns an annual base salary of $400,000. This salary is set by Congress and is subject to federal income tax. The salary has remained the same since 2001 when it was increased from $200,000 per year. As we detail in a moment, outside of the $400,000 base salary, the President is also given a few nice bonuses like an annual expense account, a travel account and a $20,000 entertainment stipend.
The Current Salary of the President
As mentioned earlier, the current salary of the President of the United States is $400,000 per year. In addition to this salary, the president also receives an expense allowance of $50,000 per year, a $100,000 non-taxable travel account, and an entertainment allowance of $19,000 per year.
How the President's Salary is Determined
The President's salary is determined by Congress and is subject to change. Congress can increase or decrease the salary of the President through legislation. The salary is based on several factors, including inflation, the economy, and the cost of living.
Other Financial Benefits for the President
In addition to the salary and allowances mentioned earlier, the President of the United States also receives other financial benefits. These include free housing at the White House, which is equipped with staff, cooks, and other amenities. The President also receives a fleet of vehicles, including limousines and helicopters, for official use.
These fringe benefits bring the President's total salary to just over $550,000 each year.
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History of the President's Salary
The first President of the United States, George Washington, was not paid a salary during his time in office. Instead, he was reimbursed for expenses incurred while serving as president. In 1789, Congress authorized a salary of $25,000 per year for the president, which was later increased to $50,000 in 1873.
The salary remained at $50,000 until 1909 when it was increased to $75,000. In 1949, the salary was increased to $100,000, and in 1969 it was increased to $200,000. The salary remained at $200,000 until 2001 when it was increased to its current level of $400,000.
FYI, if you adjust $25,000 for inflation, that figure translates to about $560,000. By contrast, President Richard Nixon's salary in 1969 was $200,000, which is a little over $1 million dollars in today dollars. Still, that's nothing compared to President Theodore Roosevelt. The first Roosevelt earned a salary of $75,000 per year — in modern bucks, that's $1.7 million dollars.
How Does the President's Salary Compare to Other Government Officials?
The President's salary is higher than that of other government officials, including members of Congress and federal judges. Members of Congress are currently paid $174,000 per year, while federal judges are paid between $200,000 and $270,000 per year, depending on their position.
Criticisms of the President's Salary
The salary of the President of the United States has been criticized by some as being too high. Critics argue that the president should not be paid more than other government officials, and that the salary should be reduced to reflect this.
Conclusion
The President of the United States is paid an annual salary of $400,000, which is subject to federal income tax. This salary has remained the same since 2001, and is supplemented by several allowances and other financial benefits. While the salary has been criticized by some, it remains one of the highest paid positions in the United States government.
Presidential net worths:
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