Print

Email story

Comment

Email editor

Cheneys' income 10 times the Bushes'

By ASSOCIATED PRESS
Published April 15, 2006

WASHINGTON - President Bush and the first lady paid about $187,000 in federal taxes this year on income of about $735,000. Vice President Dick Cheney and his wife made more than 10 times as much, overpaid the tax man and are in line for a $1.9-million refund.

According to the president's tax return released Friday by the White House, the Bushes had adjusted gross income of $735,180, about $50,000 less than the year before.

The couple paid $187,768 in federal taxes for last year.

Their income included Bush's presidential salary - about $400,000 - and investment income from trusts that hold their assets.

The Bushes contributed $75,560 - about 10 percent of their income - to churches and charitable organizations.

The Bushes paid $26,172 in state property taxes on their ranch near Crawford, Texas, an increase of about $4,000 from the year before.

The Cheneys reported adjusted gross income of nearly $8.82-million, a number largely padded with income they received by exercising stock options that had been set aside in 2001 for charity.

The Cheneys donated $6.87-million to charity from the stock options and royalties earned on Mrs. Cheney's books: America: A Patriotic Primer, A is for Abigail: An Almanac of Amazing American Women and When Washington Crossed the Delaware: A Wintertime Story for Young Patriots.

After subtracting the charitable contributions, the Cheneys' income was $1.95-million on which they owed $529,636 in taxes, according to a statement released by the vice president's office.

Since the Cheneys paid $2.46-million in withholding and estimated taxes over the year, they were entitled to a refund of about $1.93-million.

The Cheneys' income included the vice president's $205,031 government salary and $211,465 in deferred compensation from Halliburton Co., the energy services firm he headed until Aug. 16, 2000.

Cheney chose in December 1998 to recoup over five years a portion of the money he made in 1999 as chief executive officer of Halliburton. This amount was to be paid in annual installments - with interest - after Cheney's retirement from Halliburton. The 2005 payment is the last.

The White House has said that the amount of deferred compensation received by the vice president is fixed and is not affected by Halliburton's current economic performance or earnings.

[Last modified April 15, 2006, 00:53:01]