This bill would reduce the allowance paid to former U.S. presidents to a maximum of $200,000 per president, indexed to inflation, from about $600,000 each year per president. The Former Presidents Act would be amended to allow each former president to receive a lifetime annual annuity of $200,000 — plus an annual monetary allowance of $200,000 — each adjusted annually for inflation.
The annual allowance would decrease by the amount that a President’s adjusted gross income in a tax year exceeds $400,000. Any former President who holds an appointive or elective position in the federal government that pays more than a nominal amount would be denied the lifetime and annual allowance.
Nothing in this bill would impact the security and protection of a former President or their family members, or the funding to provide that security and protection.
This bill would apply to any former president or the widow of a former president as of the date of enactment.