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Here’s How Much American Presidents Cost US Taxpayers

There are responsibilities that carry over after a president leaves office, which is the justification for providing an office allowance

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President Donald Trump delivers remarks to the Conservative Political Action Conference, Feb. 23, 2018, in Oxon Hill, Md. Pixabay

Being president of the United States comes with numerous perks and the fringe benefits continue decades after the nation’s chief executives exit the White House.

Presidents are currently paid $400,000 annually, an amount set by Congress. The nation’s leaders have received five pay increases since 1789, when George Washington became the country’s first president.

Washington, and the 17 chief executives who followed him, were paid $25,000. In 1873, presidents got a raise to $50,000. In 1909, the presidential paycheck increased to  $75,000 annually.

When President Harry Truman started his second term in 1949, he got a raise to $100,000. President Richard Nixon was the first president to get $200,000 in 1969. The current rate of $400,000 took effect in 2001 with President George. W. Bush.

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US Presidential Salaries Throughout History. VOA

The perks of being president include a pretty nice place to live for free (The White House); a battalion of servants led by butlers and a head housekeeper; a trained chef to cook your meals; a fitness center that comes with a private trainer; your own private movie theater and bowling alley; a country retreat (Camp David); round-the clock security (U.S. Secret Service); use of an airplane (Air Force One) and a helicopter (Marine One) and your own bullet- and bomb-proof limousine (The Beast).

And the extras don’t disappear once a president leaves office. Former chief executives currently receive an annual pension of $213,600, which is what cabinet secretaries make.

Pensions and other allowances were set in place in 1958 after President Truman faced lean times after leaving office.

Unlike many other ex-presidents, Truman wasn’t rich and worried about accepting offers that gave the appearance of cashing in on the presidency. However, he eventually sold his memoirs to Life magazine for $600,000, about $5.7 million in today’s dollars, which allowed him to live comfortably in retirement.

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Five former President’s net-worth. VOA

Today, not only do ex-presidents draw a pension, taxpayers also give them money for post-presidential travel and business expenses like setting up their own office anywhere in the country.

“There are responsibilities that carry over after a president leaves office, which is the justification for providing an office allowance,” Demian Brady, director of Research with the National Taxpayers Union Foundation (NTUF), told VOA by email.

“While staff compensation is limited to $150,000 for the first 30 months, then capped at $96,000 per year, there are no limits on the size or location of the office space. And the allowance is open ended.”

ALSO READ: SpaceX CEO Elon Musk Scouting for Potential Mars Landing Sites

Since 2000, taxpayers have paid nearly $68 million — not including the costs of secret service protection — to support former presidents, according to an NTUF analysis.

Bill Clinton has received the most benefits — $21 million — since 2000. Clinton has an estimated personal net worth of more than $70 million. When calculated by year, Barack Obama has collected the most — $1.4 million per year — followed by George W. Bush at $1.2 million per year. Both men are also worth millions.

Brady says these payouts basically amount to subsidizing millionaires given that today’s ex-presidents can get rich off speaking fees, book deals and other lucrative business deals.

“No one wants to see presidents in poverty, but that is not much of a concern in the modern era,” he says. “Reforms to save money here could look to providing a base amount for rent and furnishing and, consider putting a time limit on the allowance…If there are special circumstances imposed on a former president that would require additional time, this could be authorized through legislation.”

In 2016, President Obama vetoed a measure to cap office allowances for former presidents at $200,000 per year. A bipartisan bill to limit taxpayer benefits for ex-presidents was introduced in May 2019 and remains under consideration. (VOA)

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List of Best Penny Marijuana Stocks

As interesting and profitable as marijuana stocks are, they are still mostly penny stocks, the fact that making money off of this little green plant is still considered illegal in countries

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Marijuana grows at an indoor cannabis farm in Gardena, California, Aug. 15, 2019. VOA

As interesting and profitable as marijuana stocks are, they are still mostly penny stocks. This probably has something to do with the fact that making money off of this little green plant is still considered illegal in countries like the United States.

We know some states are changing their laws, but nothing has changed federally just yet. This means investors have to deal with cash most of the time, and sometimes, they can’t take advantage of certain tax deductions. The money made from this industry cannot always be used to open a bank account.

As you can see, there are many obstacles to overcome in this industry.

Some of these factors make it even more important for potential investors to pay attention to the penny stocks they do take a chance on. The following is a list of some of the best penny stocks available today.

1. InMed Pharmaceuticals Inc

When it comes to drug development and commercialization, there are only a few companies that can be compared to this company.

InMed Pharmaceuticals Inc. focuses on Cannabinoids, and they have invested a lot of time and effort into developing the therapeutic aspects of marijuana.

One thing the company is pretty proud of is the bioinformatics assessment tool. This tool allows technicians to figure out if a specific cannabinoid could address certain ailments.

The possibilities with this kind of targeted treatment are endless, which is attracting a number of investors around the globe.

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There is also the Aleafia Health stock that focuses on growing
and promoting medical cannabis clinics all around the US. Pixabay

At the moment, it seems like the company has made significant progress towards dealing with Epidermolysis bullosa, glaucoma, and it has also been working hard to address joint and muscle pains.

2. American Cannabis Company Inc.

The American Cannabis Company Inc. is considered the go-to company for entrepreneurs in the United States who are attempting to get into the business of selling marijuana.

Everyone knows that the business is setting itself up for a major boom in the coming years, even though it is already quite profitable.

This company understands that entrepreneurs don't always understand everything there is to know about cannabis, such as marketing it and navigating the current environment surrounding marijuana sales.

The American Cannabis Company Inc. is here to provide counsel, thanks to years of experience in the industry. It is here to provide marketing tools, branding information, and even help with staffing if needed.

Those interested in one of the best penny marijuana stocks out there should definitely pay close attention to this stock.

3. Auxly Cannabis Group

The Auxly Cannabis Group is an important company to watch out for. It is considered a cannabis royalty company, and the reason investors should keep an eye on it is because it is focused on helping growers start or expand their capacity.

If the marijuana industry is set to explode as more countries accept its usage, then there is going to be a need for growers who can provide.

Of course, the company does not only help other growers; it has also purchased its own farms as well.

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As interesting and profitable as marijuana stocks are, they are still mostly penny stocks. Pixabay

Projections say that these farms may end up producing up to 170,000 kilograms of marijuana in 2019 and the following year. Those kind of numbers have instilled the kind of faith any company wants to instill in possible investors.

4. Plus Products Inc.

Edibles are going to be an important part of the marijuana industry. These little things are fun, and people are loving them. At the moment, Plus Products Inc. is considered one of the fastest growing edible companies.

It continues to produce the kind of edibles that people want, hitting great numbers. Some of their best-selling edibles have seen great staying power and fend off competition.

It is safe to say that this company is putting a lot of work into the products they produce to make sure customers are happy.

It is currently selling its edibles in California, and that means the rest of the country is ripe for the picking, which means the potential for growth is undeniable.

ALSO READ: Daily Cannabis Use May Increase Risk of Psychosis

Plus Products Inc. is actually developing an even bigger facility that is going to be able to handle even more orders. It is safe to say that the company is foreseeing a huge spike in demand within the coming months or few short years. Investors interested in the the long game should definitely give this stock a try.

Of course, these are just some of the stocks that investors should keep an eye on, but there are more, such as MariMed Inc. that is more of an all-in-one consulting firm helping dispensaries and other players in the industry. There is also the Aleafia Health stock that focuses on growing and promoting medical cannabis clinics all around the US.

As mentioned earlier, the key here is to make sure each investor pays attention to each stock and what the company is attempting to do. We think one should only invest in a stock when the investor feels he or she can make an informed decision.