Bushes, Cheneys Taxes Go Public
EmailABC News’ Jon Garcia Reports: It’s tax time, even for the president and vice president.
This last year both President George W. Bush and Vice President Dick Cheney and their spouses, made more money — and paid more taxes — than they did in 2006. The president and First Lady reported a taxable income of $719,274 in 2007, over $75,000 more than they did in 2006. Mr. and Mrs. Cheney made even more, reporting $2,528,068 in 2007–a whopping $900,000 more than in 2006.
And that’s just the taxable income: The Bushes reported overall income of $923,807; the Cheneys, $3,042,767.
But with those hefty gains, come hefty taxes. In 2007, the Bushes had a tax bill of $221,635; the Cheneys’ bill was $602,651. The Bushes paid their tax in full; the Cheneys didn’t withhold enough to cover their share, resulting in a tax bill of $136, 486, which the Vice President’s spokesman says, in a written statement, Cheney intends to pay when he files their return.
The Cheneys were required to figure their tax bill using the AMT — alternative minimum tax — designed to make sure high income earners eligible for big tax breaks pay their fair share.
The Bushes made much of their money from his $400,000 Presidential salary. But they also made money from investments held in trusts and $150,000 from the book advance paid to First Lady Laura Bush for her work on a children’s book she co-authored with daughter Jenna. (Mrs. Bush donated all net proceeds from the advance to Teach for America and the New Teacher’s Project, according to a White House release.)
The Cheneys made only a fraction of their income from his $212,000 vice presidential salary. In addition they made money from Mrs. Cheney’s book royalties, and undisclosed amount from her work with the American Enterprise Institute and pension payments for both, according to the statement.
Both leaders also gave a good sum to charities too. The Bushes gave $165,660. The Cheneys, who made three times as much as the Bushes last year, gave about the same. But Cheney’s office made sure to note that the Cheneys have given almost $8,000,000 to charity over the course of his time in office.
Sen. DeMint: GOP Race Could Go Until Convention 
Obama Avoids Questions on Contraception Rule
there is no way those are real, those two demons have made hundred of millions a year off the war.those forms are fakes.
Posted by: tom | April 11, 2008, 5:12 pm 5:12 pm
What about Obama and Hillary? Why only one side of the coin? Something to hide?
Posted by: Where's The Truth | April 11, 2008, 7:06 pm 7:06 pm
Hey, Where’s The Truth, there was a blog just the other day that listed everything you want to know about the Clintons. Maybe you should catch up on your reading?
Posted by: GR | April 11, 2008, 8:07 pm 8:07 pm
Bush and especially Cheney have made millions from the deaths of our brave soldiers. I hope they’re happy with their blood money. I can see Darth now in the bunker counting his blood money.
Posted by: AJ | April 11, 2008, 8:50 pm 8:50 pm
Tom: You know this information to be so, because?
Posted by: rdotx | April 11, 2008, 9:40 pm 9:40 pm
Bush gave over 20% to charity.
Obama gave less than 2.6%
Posted by: Steve Lewis, Holly Springs, NC | April 12, 2008, 4:03 am 4:03 am
What I find interesting is that the right always complains that the rich pay far more than their fair share. Cheney paid 24% on his taxable income and 19.8 on his total earnings. I find that interesting as I was in the 15 to 20% range my total earning were approx 60K. Sure sound to me like they pay way too much. Where does this 35% number come from that I hear the sheep always screaming? I struggle to survive and Cheney pays 24% on millions? Go Figure!!!
Posted by: dk | April 12, 2008, 7:47 am 7:47 am
dk,
Not all income is taxable income. Monies from trusts (depends upon which ones) are non-taxable in many cases. Capital gains are taxed at only 15%.
Individuals who do not have trust income and who do earn well into six figures are getting ‘nabbed’. I am one of them. Increasing my tax rate would hurt me a great deal. People like me need the lower rates in order to retain our earnings on what is called ‘venture capital’. Venture capital is utilized to open/buy franchises…which create jobs.
Posted by: Steve Lewis, Holly Springs, NC | April 12, 2008, 9:43 am 9:43 am
I would like to see what Cheney’s penalty is for not having enough withheld for taxes. The average Joe will pay a penalty to the IRS if they under paid by over $1000. The penalty for underpaying by $136k should be a hefty chunk, but I’ll bet they won’t!
Posted by: JHV | April 12, 2008, 11:09 am 11:09 am
Wow! The Bushes paid 24% of their income in taxes! That’s really “hefty”!
Posted by: Mickey Cashen | April 12, 2008, 11:10 am 11:10 am
So Mr. Cheney want to have faith based solutions to all of societies problems, but he didn’t even give 10% to charity. What kind of example is that?
Maybe when his term is finally done he can give speeches on how to make almost a million dollars when the economy is tanking. Too bad I don’t think there’s enough true and real Americans who are willing to screw their country they way Mr. Cheney has.
Way to be a LEADER, Mr. Cheney. Once again, you let us down.
Posted by: Tonya | April 12, 2008, 12:24 pm 12:24 pm
what is funny i make less than $80,000, my brother in law makes over 5 million. with all his tax shelters and off the book investments he pays less this last year than me. and that is what the rich republicans wont tell you yes they are in a higher tax bracket but they right off everything and hide the rest because ther is no way bush and cheney both made less than obama.
Posted by: tom | April 12, 2008, 3:04 pm 3:04 pm
YEA RICH REPUBLICANS LIKE BILL AND HILLARY WHO MADE 20 MILLION LAST YEAR AND 109 MILLION SINCE 2001 AND TOOK CONTRIBUTIONS FOR BILLS LAW BILLS
Posted by: EARNHARDT | April 12, 2008, 8:01 pm 8:01 pm
The figures do not show or include the BILLIONS these two thugs have hidden away in Swiss secret unnumbered bank accounts, or the billions in off shore banks in the Cayman Islands etc.You can bet that BIG DADDY has worked on the side of JUNIOR as well as the rest of the criminal family enterprise.This has all be done to benifit the family and will never be discovered.
Posted by: Pat M | April 12, 2008, 10:03 pm 10:03 pm
BUSH and CHENEY and the whole administration is a criminal enterprise..They make Al Capone look like a girl scout..
Posted by: Pat M | April 13, 2008, 1:47 am 1:47 am
Yes I agree those forms are fake..maybe 30 million each..Come on. We are not
stupid.
Posted by: jimhenry | April 13, 2008, 12:05 pm 12:05 pm
Yes I agree those forms are fake..maybe 30 million each..Come on. We are not
stupid.
Posted by: jimhenry | April 13, 2008, 12:05 pm 12:05 pm
The lunatic paranoia that I see on this comment board is breathtaking. Just what is your basis for coolly estimating that Bush and Cheney made “probably $30 million each”? Because you want it to be so, because it fits into your notion of them as the evil super-rich? I’m not particular fan of either Bush or Cheney, but hatred of them is driving you all into early dementia.
Posted by: Megan | April 13, 2008, 1:54 pm 1:54 pm
I found the comment about the hundreds of millions off the war quite humorous, as most of the vendors are currently bailing from Iraq due to balance sheets in the red.
Posted by: Jeremy Janson | April 13, 2008, 2:02 pm 2:02 pm
jimhenry — I’m afraid you are stupid. Have any evidence to back up your lie?
Jeremy Janson is exactly correct. Look into KBR, etc. on the Yahoo financial site and you’ll see they are not making money in Iraq. They make it elsewhere and are, essentially, providing a patriotic service to the United States and Iraq.
Posted by: killbuzz | April 13, 2008, 2:19 pm 2:19 pm