Income Cap on Allowances for Wealthy Former U.S. Presidents.
This Act modernizes financial support for future former Presidents, setting a fixed $200,000 annuity (pension) and a $200,000 allowance for office expenses. Crucially, the monetary allowance will be reduced dollar-for-dollar if a former President's annual income exceeds $400,000, aiming to save taxpayer funds. The law also significantly increases the allowance for future surviving spouses of Presidents.
Key points
Introduction of an income cap ($400,000 AGI) that reduces the $200,000 annual allowance for wealthy former Presidents, though security-related costs are protected.
The annual allowance for future surviving spouses (widows/widowers) is increased substantially from $20,000 to $100,000.
These changes apply only to individuals who become former Presidents after the law is enacted, not current beneficiaries.
Status:
Expired
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