2007 income tax return information released Friday for Bush and Cheney.
THE WHITE HOUSE
Office of the Press Secretary
For Immediate Release April 13, 2007
PRESIDENT AND MRS. BUSH RELEASE 2006 TAX RETURN
President and Mrs. George W. Bush reported taxable income of $642,905 for the tax year 2006. This resulted in a total of $186,378 in federal income taxes paid by President and Mrs. Bush.
The President's 2006 income included salary earned as President and investment income from the trusts in which their assets are held.
President and Mrs. Bush contributed $78,100 to churches and charitable organizations, including the Crawford Volunteer Fire Department, the Federal Government’s Combined Federal Campaign, Operation Smile, Martha’s Table, the Salvation Army, Susan G. Komen Foundation, and the Yellow Ribbon Support Center.
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VICE PRESIDENT DICK CHENEY AND MRS. CHENEY
RELEASE 2006 INCOME TAX RETURN
Vice President and Mrs. Cheney filed their federal income tax return for 2006 today.
The income tax return shows that the Cheneys owe federal taxes for 2006 of $413,326 on taxable income of $1,614,862. During the course of 2006 the Cheneys paid $464,789 in taxes through withholding and estimated tax payments. The Cheneys elected to apply the resulting $51,463 tax overpayment to their 2007 estimated tax payments.
The wage and salary income reported on the tax return includes the Vice President’s $208,575 government salary. In addition, the tax return reports a pension benefit of $27,500, which the Vice President received as a former director of Union Pacific Corporation. The Vice President became eligible for this benefit in 2006 when he turned 65. The tax return also reports Mrs. Cheney’s book royalty income, which includes a partial royalty advance on a book she is writing about growing up in Wyoming. It also reports wage and salary income from her continuing work at the American Enterprise Institute and a pension benefit of $32,000, which she received as a former director of Reader’s Digest. The amounts of the pension benefits received by the Vice President and by Mrs. Cheney are fixed and will not increase or decrease based on changes in the earnings or revenues of either company.
The Cheneys donated $104,425 to charity in 2006. This brings the Cheneys’ total charitable contributions during his Vice Presidency to $7,800,019.
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