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Topics: Donald Trump, Money, US News
Ella Scott
Topics: Donald Trump, Money, US News
Donald Trump is allegedly set to put his six-figure presidential salary to good use - and it surprisingly isn’t going straight into the polarising political figure’s back pocket.
Almost eight months into his tenure as the 47th President of the United States and 79-year-old Trump had made history in numerous ways.
He announced a slew of reciprocal tariffs earlier this year, renamed the Gulf of Mexico to the Gulf of America, and dramatically slashed the size of the federal government.
The Apprentice star, who is serving his second term in the Oval Office, has also just revealed he will be donating his reported $400,000 (£297,564) Presidential salary in a move he claims to be extremely ‘proud’ of.
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Taking to his social media site Truth Social on August 6, Trump typed: “I am proud to be the only President (with the possible exception of the Late, Great George Washington) to donate my Salary.
“My first ‘paycheck’ went to the White House Historical Association, as we make much needed renovations to the beautiful ‘People’s House’.”
He added: “Great improvements and beautification is taking place at the White House, at levels not seen since its original creation. MAKE AMERICA GREAT AGAIN!”
Trump may be misinformed, with numerous reports claiming former US Presidents John F. Kennedy, Herbert Hoover, and George Washington all donated their salaries during their presidential terms.
This may mean that Trump is the fourth US leader to donate his earnings, rather than the first.
It isn’t the first time that he has decided he would decline cashing out on government funds, either.
Amid his first term in office back in 2017, Trump alleged he would donate the entirety of his $400,000 presidential salary to charity each year, as per USA Today.
Additionally, the Republican is granted a $50,000 (£37,195) for expenses, $100,000 (£74,391) for travel and $19,000 (£14,134) to spend on entertainment.
Whilst serving as the 45th President of the United States, the billionaire businessman’s administration said portions of his salary were donated to various federal agencies.
These included the National Park Service, the Small Business Administration and the Department of Health and Human services, according to a bulletin released by the White House.
CNN reported that among the six years of tax returns released by the House Ways and Means Committee, 2020 was the sole year that Trump claimed zero charitable donations.
It’s therefore unclear whether he made good on his presidential promise in 2020, the publication claimed.
It should be noted that Presidents are also required by Article II, Section 1 of the Constitution to take compensation for their work, and Trump is reportedly forced to take $1 each year from his paycheck.
Reuters reported that the father-of-five declared earnings over $600 million (£446.3 million) in 2024, coming from ventures including golf properties, licensing deals and cryptocurrency.
The outlet estimated Trump’s total assets are roughly worth a jaw-dropping $1.6 billion ($1.19 billion)