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 due 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 – about $19,500 less than they paid the Internal Revenue Service for 2004.
Their income included Bush’s presidential salary – about $400,000 – and investment income from trusts.
The Bushes contributed $75,560 – about 10 percent of their income – to churches and charitable organizations. Those included the American Red Cross and the Salvation Army’s funds for hurricane relief in the United States and earthquake aid in Pakistan. They also gave to 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 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 about $6.87 million to charity.