Cheney Gets $1.9 Million Tax Refund

AP ^ | April 14, 2006 | Deb Riechmann

[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.

[Steve_Seattle]

This story is absolutely one of the best examples of media bias I've ever seen; it should win an award. Cheney donates $6.87 million to charity - about 80-85% of his income - and the headline screams about his tax refund, giving the casual reader the impression that he's pulled a fast one, another rich guy paying no taxes. And when they finally get around to mentioning the charitable contributions, the phrasing is put in a strangely negative way, i.e., "The Cheney's donated just UNDER $6.87 million to charity." A more accurate phrase would be "The Cheney's donated a whopping $6.87 million to charity." Truly amazing.

[MarkL]

I can't wait to hear the complaints about this. Cheney donates $6.87 million to charity, and all we will hear is that Cheney is raping the US Taxpayer by ripping off the IRS for $1.9 million.

Actually, if I were the Cheneys, I'd have a serious talk with my accountant. Giving the federal government an intrest free loan of nearly 2 million dollars is generous, bordering on stupidity.

Mark

[nmh]

So what!

Did we EVER see Kerry's RETURN?

I'd bet these two would look like paupers compared to his WEALTH from his WIFE.

BTW are they still living separately?

[MarkL]

I thought the AMT was only for the rich.

The definition of "rich" is anyone who makes more than the leftist. Congratulations on being "rich!"

Mark