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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,\nstaff, supplies, and other services intended to help former Presidents perform duties related\nto their unofficial public status. This bill would reduce that amount to a maximum of\n$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.

This bill would apply to any former President or the widow of a former President as of the date of enactment.

","official_title":"To amend the Act of August 25, 1958, commonly known as the \"Former Presidents Act of 1958\", with respect to the monetary allowance payable to a former President, and for other purposes.","short_title":"Presidential Allowance Modernization Act of 2016","popular_title":null,"short_summary":"Presidential Allowance Modernization Act of 2016\n\n(Sec. 2) This bill revises provisions relating to presidential pensions to allow former Presidents a lifetime annual annuity of $200,000 and an additional annual monetary allowance of $200,000, each adjusted annually for cost-of-living increases as provided by the Social Security Act. It reduces the annual monetary allowance by the amount that a former President's adjusted gross income in a taxable year exceeds $400,000. \n\nThe bill prohibits the monetary allowance from being less than the amount that the General Services Administration and the U.S. Secret Service determine is needed to pay the increased cost of doing business that is attributable to the security needs of the former President.\n\nThe annuity and allowance shall not be payable for any period during which a former President holds an appointive or elective position in or under the federal government that pays more than a nominal rate.\n\nThe bill increases from $20,000 to $100,0...","summarized":true,"cost":0,"cost_commentary":"The CBO estimates that this bill would reduce spending by $10 million over the 2016-2020 period.","impact":"Former Presidents, their surviving spouses, their families, and tax payers.","argument_for":"Former Presidents earn enough money from giving speeches and writing books, and don't rely on their allowance from the federal government. 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Should Wealthy Former Presidents Have Smaller Pensions?