Posted on 04/14/2006 12:58:39 PM PDT by Hoodat
President Bush reported adjusted gross income of $735,180 for last year, on which he paid $187,768 in federal taxes, according to the president's return released Friday by the White House.
The White House also released the 2005 tax return filed by Vice President Dick Cheney and his wife, Lynne. According to the return, the Cheneys have overpaid their taxes this year and are entitled to a refund of about $1.9 million. Their adjusted gross income was about $8.82 million.
In 2004, the president and first lady Laura Bush reported $784,219 in adjusted gross income and paid $207,307 in federal income taxes.
On their 2005 return the Bushes listed as income his presidential salary — about $400,000 — and investment income from trusts that hold their assets.
The couple contributed $75,560 to churches and charitable organizations, about $2,200 less than last year. Those included the American Red Cross and the Salvation Army's funds for hurricane relief in the United States and earthquake aid in Pakistan; Martha's Table, which provides food and services to the underprivileged in the Washington area; the Archdiocese of New Orleans Catholic Charities; and the Mississippi Food Network.
The Bushes paid $26,172 in state property taxes on their ranch near Crawford, Texas, up about $4,000 from the year before.
The Cheneys reported adjusted gross income of nearly $8.82 million, which was largely the result of exercising stock options that had been set aside in 2001 for charity.
The Cheneys donated just under $6.87 million to charity from the stock options and royalties from Mrs. Cheney's books. That left about $1.9 million in income on which the Cheney's owed $529,636 in taxes.
Over the year, the Cheneys paid $2,468,566 in taxes through withholding and estimated tax payments. As a result, the Cheneys are entitled to a refund of $1,938,930.
(Excerpt) Read more at news.yahoo.com ...
I'll bet that charitable donation threw him RIGHT into the alternative minimum tax category!
But I'm still pissed off about owing on the AMT for the first time ever this year, even though I made more money in previous years. I thought the AMT was only for the rich.
see my comment 20 - it sounds like he withheld the 20% max long term rate on the option exercise/sale, which if he didn't know for sure how much he would give to charity was reasonably prudent.
that said, I don't know what his AGI was in 2004 and thus don't know what the safe-harbor withholding would have been.
Cheney should say that while holding a shotgun.
Note to the humor-impaired: That was humor.
Don't want to mention that in the headline, do you, AP?
"that said, I don't know what his AGI was in 2004 and thus don't know what the safe-harbor withholding would have been."
but for publicity purposes it would not be a helpful headline if he had safe harbored and ended up owing a couple million - VP underpays taxes by 2 million, etc.......there is a political element to this either way.
"Cheney Gets $1.9 Million Tax Refund"
Whoop de doo Basil...
Cheney got a tax refund? Get the skewer now!
:-) HA! Sarcasm for your amusement.
The deceased Republican John Heinz provided the funds for Kerry.
The AP pushed the envy button again.
Probably more like a revolution (as opposed to reform) if they had to actually write a check every quarter........
LOL, that's why I said the last election was the first election in history that Republican money supported both presidential candidates.
Just in time for the weekend... and no chance to respond. Nice smear (cr)AP. You can bet this will get on all the MSM nightly newz dumps.
But...but...I thought Bush was making billions of dollars a year from Haliburton! Unless DUh lied to me all these years....
How does that work. It's his money. Not the IRS's.
I want to know why the IRS isn't required to pay interest on it for the time it is in their posession.
I am still waiting for french john kerry and teresa's tax return from 2004
IRS Repays Cheney's 1.9 Million Interest-Free Loan
actually bush may have moved assets into a another legal structure which is not reported as income under his ssn.
I know kerry's wife has a mid-9 or 10-digit net worth, yet only showed around 5M in income on her 1040, though she didn't release the whole return. I strongly suspect there is no way she had a less than 1% or 1/2% return on her assets.
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