Taxes are a necessary part of being an American. But do governing officials like the president pay taxes? Absolutely, they do.
Is the president’s income tax-free?
No, the president’s income is not tax-free. The president, like most other American citizens, must pay taxes and file a tax return. The same laws that govern taxpaying American citizens apply to the president because they are still considered citizens.
Can the president receive a refund?
Presidents file and pay taxes just like the rest of us; they must follow the same laws that other taxpayers do. If they have too little withheld, they could end up owing money to the IRS. If they have too much withheld from their paycheck, they could get a refund.
Is the president required to disclose their tax returns?
Even though the president must file a tax return, they aren’t required to share information on their tax return with the public. That’s because the same laws that protect taxpayers protect the president.
How much does the president make?
The president’s salary is about $400,000 per year. For some elected individuals, this means they take a pay cut when they become president.
There are many other benefits to being president as well. The president gets a pension after leaving the office. They also have an annual expense account, a travel account, and an entertainment account.
The White House provides a home, garden, personal chefs, housekeepers, a movie theater, and a bowling alley for the president and their family.
So, while a presidential salary is taxable, the other bonus benefits are not, according to the tax code.
Does the president have to follow the tax brackets?
Yes. The president must follow all tax laws, including the tax brackets. That means some of their income would be taxed at the top rate of 35% in 2021.