The U.S. president hasn’t been given a raise in more than 20 years.
That means Kamala Harris or Donald Trump will earn the same salary as their predecessor: $400,000 a year, as specified in Title 3 of the U.S. Code, paid monthly. The president also gets an additional $50,000 for expenses (non-taxable), a $100,000 travel account and a $19,000 entertainment budget.
Of course, the nation’s commander in chief is also entitled to other benefits, not least of which is a paid-for mansion known as the White House, as a residence.
Between 1969 and 2001, the last time Congress boosted the chief executive’s pay, the president earned $200,000 annually. In a 1999 hearing on the proposed pay raise, it was noted that compensation for “one of the most difficult, demanding and important jobs on the face of the earth” had not risen in three decades, while the salaries of private-sector chief executive officers were soaring.
Government reform expert Paul C. Light testified that he supported a presidential salary increase “if only to signal that the American political system values its chief executive enough to occasionally boost the base salary.”
How much did U.S. presidents earn in the past?
Historically, the president’s annual salary was worth a lot more when taking inflation into account.
Here’s what presidents made per year during previous historical periods, according to the University of Michigan, citing Congressional Quarterly’s “Guide to the Presidency.” How much that pay is worth in today’s dollars, after adjusting for inflation and based on calculations from Officialdata.org, is noted in parentheses:
1789: $25,000 ($895,741)
1873: $50,000 ($1.3 million)
1909: $75,000 ($2.6 million)
1949: $100,000 (plus $50,000 taxable expense account) ($1.3 million)
1969: $200,000 (plus $50,000 taxable expense account) ($1.7 million)
More money in memoirs
It’s worth noting that presidents remain on the federal government’s payroll after leaving The White House too. Since 1958, former presidents have earned an annual pension, which now amounts to more than $200,000. They also get office space in a place of their choosing and travel expenses, according to the Former Presidents Act of 1958.
U.S. presidents also typically earn much more money when they leave office through book sales, speaking engagements, media deals and other lucrative endeavors.
Ulysses S. Grant was the first U.S. president to write a memoir, which he famously finished only days before his death in 1885. Virtually every modern president, with the exception of Franklin Delano Roosevelt and John F. Kennedy, both of whom died while in office, has written a memoir.
“It’s where a lot of money comes from after they have been president,” Barbara Perry, co-chair of the Presidential Oral History Program at the Miller Center at the University of Virginia, told CBS MoneyWatch. “Written memoirs have earned them millions.”