Today, November 5, millions of American citizens will head to the polls to vote in the 2024 presidential election. While this is a crucial day, it’s important to remember that the popular vote is not the final determinant; the decision rests with the Electoral College, which will decide whether Kamala Harris or Donald Trump becomes the 47th president of the United States.

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The winner will generally be recognised as “the most powerful person in the world,” a title often attributed to the US president, leader of one of the world’s major powers. Beyond the great responsibility this entails, the victor will also enjoy the perks and privileges of the office, including the presidential salary.

A US presidential salary

The salary of the POTUS is established in section 102 of the United States Code (USC), which was approved in 2004. This means it does not change with each administration or governing party; all presidents receive the same compensation.

The USC states that “the President shall receive for his services during the term for which he shall have been elected compensation in the amount of $400,000 annually, paid monthly.” Therefore, Trump or Harris will earn $33,333 per month.

Additional expenses related to the role

In addition to the salary, the commander and chief has access to $50,000 to cover expenses related to official duties. In other words, this amount may cover needs such as travel expenses.

If any of this amount remains unused, the surplus is returned to the Treasury in accordance with section 1552 of title 31 of the United States Code. Thus, the president does not receive any part of the $50,000 directly, whether the entire amount is used or not.

Salaries of former US presidents

Until 1958, former US presidents did not receive any pension or benefits from the federal government. However, that year a law was passed to ensure that former occupants of the White House retain certain privileges.

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Primarily, former presidents receive a pension of about $200,000 per year, half the salary of the sitting president and similar to the salary of executive department heads such as the Attorney General. Additionally, widows of former presidents may receive a pension of close to $20,000 annually.

With Joe Biden set to be succeeded by Harris or Trump, there are currently six living former US presidents, the others being Jimmy Carter, Bill Clinton, George W. Bush, Barack Obama, and, of course, Donald Trump.