Bush, Cheney tax returns released

WASHINGTON – President Bush and the first lady paid $186,378 in federal taxes on their income of $765,801 for last year. Vice President Dick Cheney and his wife made twice as much and paid the tax man about $50,000 more than they owed.

The president and Laura Bush contributed $78,100 to churches and charitable organizations, including the volunteer fire department in Crawford, Texas, where they own a ranch, according to their tax return, released Friday by the White House.

The Bushes’ adjusted gross income of $765,801 was about $30,600 higher than the year before. They paid $27,474 in state property taxes on the ranch – up about $1,000 from the previous year.

The return for the vice president and his wife, Lynne, shows that they owed federal taxes of $413,326 on overall taxable income of $1.6 million. But throughout last year, the Cheneys paid $464,789 in taxes, or $51,463 too much.

Instead of taking a refund, the Cheneys elected to apply the overpayment to their 2007 tax bill.

Bush’s salary as president is about $400,000. Cheney’s salary is slightly over $200,000.