The position of a president comes with salary and benefits, just like any other job. The highest-paid head of state takes an annual salary of as much as $1.6 million, the lowest-paid earns up to $360, and the President of U.S. the superpower gets $400,000
The president is supposed to be the highest wage earner in any country, though this isn’t the case in certain countries where some individuals earn more than their president.
Nevertheless, some presidents may decline to be compensated the entire allocated amount. Others wish to donate half of their salaries to orphanage homes and other essential things in the country instead of enriching themselves.
A good example is Donald J. Trump, the former U.S. president who chose to donate his $400,000 annual salary to various federal departments. As we learn more about the president salary, in this article, we shall focus on the salary of the president of the United States.
The U.S. Congress is responsible for setting the president salary. The salary can’t change during the term the president is elected to serve according to Article II of the Constitution.
From the $25,000 president’s salary in 1789, Congress has revised the president's compensation over the years. They increased the president's salary in 2001, just before George W. Bush’s tenure.
Currently, President Joe Biden earns a salary of $400,000 per year.
Though the U.S. president isn't the highest paid, the position is famously known for tagging a lot of perks.
On top of the President salary of $ 400,000, the head of state enjoys a $50,000 expense allowance, and $100,000 for travel and other entertainment expenditures, as per Title 3 of the U.S. Code.
Congress further appropriates him $19,000 for official presidential receptions and other related expenses. Other incentives include conveyance in the presidential limousine- Marine One and Air Force One.
The president gets free furnished housing in the White House, and the First Family is allocated $100,000 for refurbishment. The White House upkeep requires other permanent resident helpers like the maids, groundskeepers, cooks, and valets.
The U.S. head of state also receives free, world-class health care from an official physician who directs the Medical Unit of the White House.
Unlike other federal workers, the Presidents and vice presidents are permitted to receive gifts, either for themselves or their families. This is with the condition that the gift isn't coerced, solicited, or exchanged for any official act.
President salary in the U.S. continues long after the tenure, actually for life. This is according to The Former Presidents Act of 1958, passed by the Congress in favor of Harry Truman, who had many financial problems after leaving the office.
The former president’s allowances include funds to cater for office space, travel, support staff, and mailing. The pay is typically equivalent to that of the head of the federal government executive department. As of 2021, these Executive Level staffs receive $221,400 p.a.
The ex-presidents also get seven months of transition services which cover the expenses of winding down the retiring administration and handing it over to the incoming administration. And widows or widowers of former presidents are correspondingly entitled to $20,000 a year.