Taxes are a necessary part of being an American. But do governing officials like the president pay taxes?
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?
In 2019, the president earns about a $400,000 salary. Some presidents 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 as well.
While a presidential salary is taxable, the other bonus benefits are not, according to tax code.
For more information, read 17 financial perks of being the president of the United States.
Does the president have to follow the tax brackets?
Yes. The president must follow all tax laws, including the tax brackets. That means they would pay taxes at a rate of 35% in 2019.
This article is up to date and accounts for tax law changes for tax year 2019.