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This bill would reduce the allowance paid to former U.S. presidents to a maximum of $200,000 per president each year. 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.

This bill would increase former presidents’ spouses’ annual allowance from $20,000 per year to $100,000 per year. This would apply to both spouses of living former presidents and widows/widowers of deceased former presidents.

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 only apply to future former presidents. It would not apply to anyone who is already a former president or the widow of a former president as of the date of enactment.

Under current law, presidents who leave office receive annual pensions of $220,000-$280,000.

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KAG-2020

Should Wealthy Former Presidents Have Smaller Pensions?