President-elect Donald Trump has announced what the first cut he will make to the federal budget will be: the president's salary.
Trump, appearing on the CBS program 60 Minutes. said that he would not accept the $400,000 a year salary presidents are entitled to.
“I'm not going to take the salary. I'm not taking it."
Trump said that he believed that the law did not allow him to work for nothing, “so I’ll take $1 a year.”
Trump is also fulfilling a campaign promise by forgoing the presidential salary. Trump promised at a campaign event in Rochester, New Hampshire, on September 17, 2015, that “The first thing I’m going to do is tell you that if I’m elected president, I’m accepting no salary, okay? That’s not a big deal for me.”
Trump is the third president in history to refuse the presidential salary and the first to do so since John F. Kennedy donated his presidential salary to charity. Herbert Hoover also refused to accept a salary as president.
Forbes has estimated Trump's net worth to be about $3.7 billion.