Donald J Trump says no to Presidential Salary
In a move that has been only done once before, President Elect Trump has indicated that he will forego the $400,000.00 annual salary that is paid to the President and accept a nominal $1.00 a year.
The billionaire is essentially giving to the United States $1,600.000.00 over the four-year terms should he remain in office for the entire term. Granted, he is set up pretty well financially, and will still have revenue coming in from his outside interests but 1.6 million is 1.6 million; I don’t care who you are!
The first President to do that was Herbert Hoover, also a wealthy Republican, who was the 31st President and probably the wealthiest to ever take office. Hoover declined the salary as he did with any public office he held and was known to be extremely generous with his personal funds as well in the private sector. Not only that, any expenses related to public office that were incurred by him were paid by him. I do not think we will see that with Trump as he will actually benefit in the expense department.
JFK also operated like that only he accepted the salary and donated the entire amount to charities. He was very wealthy from his inheritance and thought it best to give the money away to those in need.
So, Donald Trump turning down the Presidential salary is not unheard of but it is unusual and a show of good faith to the country. There may be some adjustments he and his family should make in terms of not marketing while in the public view, such as the faux pas where Ivanka Trump’s company immediately pushed the bangle bracelet she wore the other night during an interview on TV with Leslie Stahl but those adjustments are a learned art.
When you have spent the lion’s share of your life marketing it is a natural for you to do it whenever you have a chance and you may not even be aware that you are doing it. That will slowly change as the Trump clan gets used to life inside the beltway.
Even when that does change, Trump does not need the 400K a year as his holdings are, for the most part, doing fairly well and as President I’m sure his policies will dictate that the economy lean in the direction to support train of business thought.
Trump turning down the Presidential salary
One small step for America, one giant leap for a guy who has spent his entire life building wealth.