Posted on 04/15/2005 2:58:21 PM PDT by So Cal Rocket
WASHINGTON (AP) - President Bush reported adjusted gross income of $784,219 for last year, on which he paid $207,307 in federal taxes - about $20,000 less than the previous year, according to the president's return released Friday by the White House.
In 2003 the president and first lady Laura Bush reported $822,126 in adjusted gross income and paid $227,490 in federal income taxes.
On their 2004 return the Bushes listed as income his presidential salary - about $400,000 - and investment income from trusts that hold their assets.
The couple contributed $77,785 - about 10 percent of their adjusted gross income - to churches and charitable organizations. Those included Evergreen Chapel at Camp David, Md., St. John's Church in Washington, the American Red Cross, the Salvation Army World Service Office, AmeriCares, an international relief organization; and the Susan G. Komen Breast Cancer Foundation.
The Bushes paid $22,158 in state property taxes on their ranch near Crawford, Texas, up slightly from $21,352.
The White House also released the 2004 tax return filed by Vice President Dick Cheney and his wife, Lynne.
The report shows the Cheneys owe federal taxes for 2004 of $393,518 on adjusted gross income of $1.7 million.
Throughout last year, the Cheneys paid $290,855 in taxes through withholding and estimated tax payments. When they filed their return on Friday, they paid the remaining $102,663.
The Cheneys' income included the vice president's $203,000 government salary and $194,852 in deferred compensation from Halliburton Co. (HAL), the Dallas-based energy services firm he headed until Aug. 16, 2000. Cheney elected 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 amount of deferred compensation received by the vice president is fixed and is not affected in any way by Halliburton's current economic performance or earnings," a statement issued by the White House said.
The Cheneys' tax return also reports Mrs. Cheney's wage and salary income from the American Enterprise Institute, a conservative think tank in Washington, and compensation for sitting on the board of Reader's Digest until retiring in 2003.
The Cheneys donated $303,354 to charity in 2004, primarily from royalties from Simon & Schuster on Mrs. Cheney's books: "America: A Patriotic Primer,""A is for Abigail: An Almanac of Amazing American Woman" and "When Washington Crossed the Delaware: A Wintertime Story for Young Patriots."
Bush spent a portion of Tax Day in a suburban cafe in Ohio promoting the idea of making the tax cuts passed during his administration permanent. The White House gathered five local small business owners to sit with the president around a table at the Yours Truly Restaurant in Mentor, Ohio, and talk for the cameras about tax relief and how it had helped them expand their businesses and hire more employees.
"Tax relief helps small businesses. If you're interested in expanding jobs, one way to do so is to help small businesses," the president said. If Congress allows the tax cuts to expire, as most are now slated to do, "your taxes are going to go up," Bush said.
He also put in a plug for simplifying the tax code, an item on his domestic agenda that has taken a back seat to others such as overhauling Social Security. Bush said $300 billion in taxes go unpaid by Americans every year.
"That's why we need simplification," he said.
If I'm grouchy, please understand why.
What about Kerry?!? I bet he made alot more money than the Bush's or Cheney's and I bet he even paid less taxes them and didn't donate anything to charity...
And Gore contributed ... ?
And Kerry donated ... ?
< /rhetorical questions >
I remember that there were a couple years in the early 1990s that Kerry gave ZERO dollars to charity; very much like Al Gore in 1998, when Gore gave only about $270. They are so "compassionate" when it comes to forcing OTHER people to give their money in taxes to "help" people, but the Dems don't give anything of their own. Typical hypocrites.
Cheney may well be subject to penalties and interest for underwithholding. You are required to withhold 90% of the the total tax due at time of filing.
I completely understand why you'd be grouchy. That running tally in the upper left hand corner of Turbo Tax is a bit annoying, isn't it? I'd prefer to be shocked all at once, not continuously throughout preparation. Watching the amount owed barely move no matter how many deductions I entered was demoralizing.
My bottom line was an additional $2700. I guess I'll file quarterly next year. :-(
That's approximately 1/4 of their income in taxes or 25%.
I THOUGHT THE RICH DIDN'T PAY THEIR FAIR SHARE.
If their liablity for 2003 was $290,855 or less, there would be no interest or penalty for underwithholding in 2004, less that portion of our tax laws have changed.
hamas doesnt count
What galls me is that I also prepared my son's tax return for his part-time jobs last year and he's getting 27 cents MORE than he had withheld because of the rounding rule. He pays nothing, gets a refund, and I'm here sweating on April 15. I'm hoping I'll suddenly remember a $10,000 donation to a charitable organization that I somehow forgot. I don't think it's going to happen.
That's what ours came out to. 10%. Is that decent?
I was gonna say, keep trying! A couple of days ago it looked like we owed $2400, but somehow it came out to be about $500 when it was said and done.
Heck, yeah!
Your mistake is assuming that 25% of one's income is a "fair share". To a reasonable person it is. To a flaming class-warfare 'rat 90% is probably more like a "fair share".
It went the other way for me... I went from a refund of $500 to having to pay $1,200 after figuring my tax under the AMT.
D'oh! Try again? :-/
The only thing that saved my butt is the sales tax deduction. Fortunately I bank electronically and use Quicken, so everything was documented.
Its also a covenanted biblical promise...giving a tithe(Malachi 3:8)....and I would bet that neither Kerry nor Gore gave anything close to 10% to religious organisations!
I just found a $4.00 foreign tax credit, but that ain't cutting it.
HELP! My wife has been on me to replace the carpet, and I think I'm sending the money to the IRS instead!
I also refinanced the home to a ridiculously low interest rate of 3.75% which just obliterated the interest deduction. I'm screwed in the short term while being better off in the long term.
Too bad it happens right when my expenses are the highest.
Ouch. We refinanced too, so we lost alot of interest deduction. We had a high employee business expense that we wont' have in 2005, so I think I'm hosed for this year.
I'm off to catch the train! Have yourself a good stiff drink when you finish, you'll feel better. I know I did.
That is true, but I can't imagine his prior year being that low, given his total income over the years. Too bad the article didn't reveal this as they did Bush.
Actually you are right. In 2003 their tax liability was $253,067 on taxable income of $813,226. Therefore they withheld enough this year to avoid penalties.
Well, this is without a doubt, Bush's fault.
So I had to take the standard deduction which is probably less than the actual amount.
I would have been surprised if they hadn't covered themselves. Paying taxes is bad enough as it is, but penalties hurt even more.
When you have a complicated income situation, making sure you've paid in to cover the previous years' liability is the easiest way to make sure you're not stuck paying the government any bonus money.
Since this law was passed in mid-year, there are precious few of us who were keeping sales tax receipts before then.
Gotcha......
The Bushes give to Americares. I feel better now about my donations to the same.
Very.
My personal rule is save 10%, invest 10%, give 10%.
In a good year it goes up.
You might benefit from having a tax preparer look over your last few returns. You can file an amended return for up to five years if it looks like you over paid.
And next year itemize. The "it's deductible" program is great.
RE: on which he paid $207,307
Ouch!
RE: The Bushes paid $22,158 in state property taxes on their ranch near Crawford, Texas.
By my standards, that is cheap. I've got probably 1/50th the amount of land, and pay 1/5th that in property tax.
I've always wondered how Presidents handle their tax returns. I think that usually their assets are placed in a blind trust and, if so, can he be expected to have to sign a tax return swearing that the return is accurate?
Wow! I didn't know Laura was the breadwinner of the family.
Aside from that, it seems Bush pays more than his fair share.
The same can't be said for the real rich people, like John Kerry, (who only married money, never earned any on his own) and that skank, Terri, who hates America, and all the other rich beyond their needs liberals, who think only "little people' need to pay taxes, not them; Yet, they call themselves fighters for the poor.
How pathetic they are.
I use MS Money and I found LOTS of stuff; print out the BIG tax report and go through it with a yellow Highlighter!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.