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 ...
That's more than Algore ever donated.
How is overpaying your taxes ripping off the feds?
The government is GIVING MILLIONS OF DOLLARS to the rich people like Dick Cheney! [/Leftist rant]
3 Hours until some Democrat calls for it to be confiscated.
"The Cheneys did without that money so far, surely there are people who desperately need help who could use that money better."
- Imminent Lib Sound-bite.
Is that a headline for the uneducated masses or what? Alot will read no further than the headline and they will say Cheney is a rich tax cheat.
I would seriously consider getting a new accountant. That overpayment may have cost him close to $200K.
Cheney's response: You gotta problem wit dat?
"Is that a headline for the uneducated masses or what? Alot will read no further than the headline and they will say Cheney is a rich tax cheat."
Apparently, someone called the AP on it already- now the headline reads-
"Bushes Pay $187,768 in Taxes for 2005"
Ding ding ding....we have a winner. I try explaining this to idiots all the time and they just look at me like what planet did you come from??
About the only thing I can see is that Cheney is an idiot for letting the gov't borrow those millions the past year at 0% interest.
I'd always rather have to owe a small amount than get a rebate, since it means I've been keeping as much of my money as the Fed will allow without having to owe an extraorbitant amount.
my quick math shows 10% given to charity compared to AGI.
pretty good
So much for the argument that the President and the Vice-President are in this war for the money.
Wow- $6.87 million in charity.
How can anyone complain about this?
By John Kerry standards, Cheney practically qualifies as poor.
I try and target owing around $100-200, and never pay it before April 15th. I always laugh at people that brag about getting large refunds. They think they are coming out ahead. Stupid people. We should get rid of withholdings so that the stupid people truly understand how much they are paying. Then we might get some real tax reform.
It's best to owe the largest possible amount in taxes on April 15th, that won't incur a penalty.
sounds like cheney just withheld the max. tax rate on the cap. gain. if he hadn't given as much away it would have avoided any problems with underpayment, etc.
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