In 2015 around $2.4 million was set aside for former president allowances — ~$600,000 per president. These taxpayer funded allowances are used to cover costs for offices, staff, supplies, and other services intended to help former Presidents perform duties related to their unofficial public status. This bill would reduce that amount to a maximum of $200,000 per President, indexed to inflation.
The change would come through changes to the Former Presidents Act 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.