Trump considers forgoing $400k salary again in second term
On Monday, Donald Trump will be inaugurated as the President of the United States. He may once again make history as a President by forgoing his salary. The salary for the head of state is $400,000 per year. Meanwhile, outgoing President Joe Biden can expect a generous pension.
Donald Trump will be inaugurated as the President at noon and deliver a speech where presidents traditionally set the tone for their tenure. In an interview with NBC News, he announced that the speech's theme would be "community and strength, and the word: justice."
What salary can Trump expect? The president's current salary is $400,000 per year, which is taxable. Additionally, the head of state receives $50,000 for representation expenses, $100,000 for travel, and $19,000 for entertainment purposes.
Since the establishment of the presidential office in 1789, the salary has only changed five times. The current rate was set in 1999 and has remained unchanged. Like George Washington, John F. Kennedy, and Herbert Hoover, Trump distinguished himself by donating his presidential salary to charity during his first term. The newspaper notes that there is a good chance that Trump will make a similar decision during his second term.
Former presidents benefit from a generous pension system after leaving the White House. Joe Biden can expect an annual pension of $246,000, funds for running an office and hiring staff, reimbursement of travel expenses (up to $1 million per year), lifetime healthcare, Secret Service protection, and the right to a state funeral at Arlington National y.Cemetery.
No president has lost their pension
This system was introduced in 1957, initiated by Harry Truman, who argued that former presidents often found themselves in difficult financial situations. However, subsequent studies showed that Truman had assets equivalent to today's $58 million.
Benefits can only be revoked in the case of impeachment followed by a conviction by Congress. To date, no president has lost this right, even after an impeachment process, as noted in the cases of Bill Clinton or Donald Trump.
Former presidents often use their popularity to generate additional income. Barack and Michelle Obama signed a record publishing contract worth $60 million, George W. Bush earned $10 million from his memoirs, and Bill Clinton received $14 million for his autobiography.
