Saturday, May 26 2018 | Updated at 08:04 AM EDT

Stay Connected With Us F T R

Nov 19, 2016 07:31 PM EST

During the campaign, President-elect Donald Trump was asked if he will be taking his salary if he was elected. His answer was no. Now that he is, he told CBS' 60 minutes he may have to take a dollar as required by law but the answer is no.

Donald Trump is not the first to decline a President's salary. George Washington also said 'no' during his Inaugural Address in 1789 but Congress thought otherwise.

Virginia's John Page said the Constitution requires that the President gets paid so they are duty-bound to provide it. Congress decided that the President will receive a salary of $25,000 and the patriotic Washington was obliged to accept.

Constitutional scholar David P. Currie explains that the President's salary is "not designed for the President's benefit." Instead it was the Founding Fathers way of ensuring that the President was well compensated to prevent unwanted instances like bribery and corruption.

Forbes reported the estimated net worth of Donald Trump is about $3.7 billion. While he may not need $400,000 per year, law requires he gets paid. He does have the option of giving the money back to the Treasury or donating it to charity.

John F. Kennedy donated his salary to charity while he was in the White House, continuing the practice adopted from his days in Congress. Self-made millionaire Herbert Hoover also donated his salary from the Oval Office to charity. After the government shutdown in 2013, Pres. Barack Obama agreed to return 5% of his salary to the Treasury.

The tax question

During the campaign, Clinton supporter and multi-billionaire investor Warren Buffett challenged then Donald Trump to make his tax returns public but the latter refused.

Mr. Trump did not disclose his tax returns despite criticism. Moving to 1600 Pennsylvania Ave. however changes things. Presidents pay taxes, they are not exempted from doing so.

In fact, Hoover and Kennedy paid the tax for the salaries donated to charity. You can view some of the presidential federal income tax return in the Tax Analysts Tax History Project.

In the case of taxable income, the IRS is clear: whether or not the taxpayer takes the money, so long as it's been made available to him, it becomes taxable.

See Now: Facebook will use AI to detect users with suicidal thoughts and prevent suicide

Follows donald trump, Warren Buffett, George Washington, John Page, john f. kennedy, Herbert Hoover, Barack Obama
© 2017 University Herald, All rights reserved. Do not reproduce without permission.

Must Read

Research Reveals Boys' Interest In STEM Careers Declining; Girls' Interest Unchanged

May 24, 2018 AM EDTYear two of Junior Achievement & EY survey of 13-17-year olds shows how teens' career ambitions, educational priorities and economic outlook have ...

International Cyber Attack Strikes Again: Ransomware Hits Companies Worldwide [VIDEO]

Jun 28, 2017 AM EDTOver 2,000 computers in about a dozen countries were affected.

The Magic of Celebrity Involvement: How Projects and Concepts Get Public Nod When Icons Get Involved [VIDEO]

Jun 28, 2017 AM EDTDo celebrities really affect marketing?

Student Loans In Focus: How Much Do Students Really Borrow To Attend The Top 10 Schools [VIDEO]

Jun 26, 2017 AM EDTFor most students, going into the Top 10 schools is a dream come true. But is the expense in studying in these schools worth it?