Reliable reports reveal that the president of the United States earns a yearly base salary of $400,000. That salary is set by Congress and is subjected to federal income tax. That salary has remained the same since 2001 when it increased from $200,000 per year. Besides the $400,000 base salary, the President also enjoys several nice bonuses including a travel account, an annual expense account, and a $20,000 entertainment stipend.
The current salary of the President of the US is $400,000 annually. Apart from that salary, the president also gets a $100,000 non-taxable travel account, an expense allowance of $50,000 annually, and an entertainment allowance of $19,000 each year.
How Is The President’s Salary Determined?
The president’s salary is determined by Congress and can change when necessary. Congress can decrease or increase the salary of the president through laws in the House. The salary is determined by various factors, including the economy, inflation, and the cost of living.
Financial Benefits For The US President
Apart from the salary and allowances that have been mentioned previously, the President of the United States also gets other nice financial benefits. They include free housing at the White House, which comes with cooks, staff, and other amenities. Notably, the president also gets a fleet of vehicles, including helicopters and limousines, for official use.
All these benefits push the US President’s total annual salary to more than $550,000.
History Of The President’s Salary
The first President of the United States, George Washington, never received any salary during his time in office. Instead, he got reimbursed for the expenses incurred while he served as president. Congress authorized an annual salary of $25,000 for the president in 1789. That amount was later increased to $50,000 in 1873.
This amount remained at $50,000 until 1909 when it got increased to $75,000. Later in 1949, the salary got increased to $100,000, and 20 years later (1969) it was increased to $200,000. This salary then remained at $200,000 up to 2001 when it got increased to the current amount of $400,000.
In that context, if you adjust the first presidential salary of $25,000 for inflation, it translates to around $560,000. On the contrary, President Richard Nixon’s salary in 1969 was $200,000, which is nearly $1 million in the current valuation. But, that does not compare to President Theodore Roosevelt’s salary. He earned a salary of $75,000 annually – translating to $1.7 million in modern bucks.
How The President’s Salary Compare To Other Government Officials
The president’s salary is considerably higher than that of other government officials, including federal judges and members of Congress. Members of Congress currently earn $174,000 per year, while federal judges earn $200,000 to $270,000 annually, depending on their position.
Some critics have insisted that the president’s salary is significantly high. Also, they insist that the president needs not be paid a lot more than the other government officials, and the salary has to be reduced to reflect that.
The President of the US is paid $400,000 in annual salary, and that is subjected to federal income tax. That salary has remained constant since 2001 and is supplemented by multiple allowances and other financial benefits. While this salary has been criticized by some, it is still one of the highest-paid positions in the whole of the United States government.