Bush, Cheney families report income tax


President George W. Bush reported earning US$894,880 last year, while Vice President Dick Cheney took in US$36 million, according to income-tax documents released Friday.

The Bush family paid US$240,342 in federal taxes, and the Cheneys US$14.3 million.

Both families released the tax information in Crawford, Texas, where the president is spending the weekend.

Bush released a complete federal tax form, without attachments. Cheney released only a summary prepared by the White House.

The Bushes reported donating US$143,300 to charity, US$75,000 of it out of royalties from his biography published during the presidential campaign last year, “A Charge to Keep.”

The donations from the book sales went to four organizations: Boy Scouts of America, Girl Scouts of America, Boys and Girls Clubs of America, and Girls Inc.

The Cheneys donated stock options worth US$7.8 million to three beneficiaries: Capital Partners for Education, which provides educational assistance to low-income children in Washington; George Washington University Medical Faculty Associates; and the University of Wyoming, in Cheney’s home state.

They also donated US$41,646 to other, unspecified charities.

The bulk of Bush’s income came from US$549,236 in interest from investments, held in state and federal blind trusts. He also reported US$138,358 in capital gains.

He reported earning US$70,554 in salary. Bush was governor of Texas until resigning in December.

The Bushes were entitled to a federal income tax refund of US$244,534.

They elected to apply about half — US$127,220 — to their 2001 tax bill. They were repaid the difference of US$117,314.

Bush had prepaid US$475,000 as estimated tax.

Most of Cheney’s income came when he exercised stock options and sold stock in Halliburton Co., the Texas-based energy services firm he headed until late in the presidential campaign. The White House did not specify Friday precisely how much he earned from that.

Cheney earned US$4.3 million in deferred compensation and bonuses. His reported US$806,332 in salary.

Cheney sold part of his stock to avoid raising conflict-of-interest questions, and he reported sustaining a US$1.9 million loss.

By federal law, some of those losses will have to be carried to future tax years, the White House said.

Cheney also reported US$823,509 in capital gains.

There is no mention of whether the Cheneys will get a refund, or what they will do with it.

Last year, former President Bill Clinton and Vice President Al Gore released more extensive tax information, including detailed accounts of their deductions, investments and interest income.