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Bush pays $187,768 in taxes

April 14, 2006

WASHINGTON (Reuters) – President George W. Bush and his
wife, Laura, paid $187,768 in federal income taxes for the 2005
on total income of $618,694, the White House said on Friday.

Vice President Dick Cheney and his wife, Lynne, reported
taxable income for 2005 that was more than three times that of
the Bushes, $1,961,157, on which they owe $529,636 in federal
taxes.

The Cheneys’ adjusted gross income in 2005 was $8,819,006,
which his office said was largely the result of the exercise by
an independent gift administrator of stock options that had
been irrevocably set aside in 2001 for charity.

The Cheneys had donated $6,869,655 to charity in 2005 from
the exercise of these stock options under the terms of their
gift agreement and from Mrs. Cheney’s royalties from three
historical books for young people.

Bush’s 2005 income went down from the $784,219 in income
from the 2004 tax year. His income included his $400,000 salary
earned as president and investment income from the trusts in
which their assets are held.

The White House said Bush and Mrs. Bush contributed $75,560
to churches and charitable organizations, including the
American Red Cross’ hurricane 2005 relief, the Salvation Army’s
hurricane relief fund and Pakistan earthquake relief, among
other organizations.

During the course of 2005 the Cheneys paid $2,468,566 in
taxes through withholding and estimated tax payments.

The wage and salary income reported on Cheney’s tax return
included his $205,031 government salary as well as $211,465 in
deferred pay from Halliburton, the Texas energy company Cheney
once headed, which has received billion-dollar government
contracts in Iraq.

The deferred pay agreement dates back to December 1998 when
Cheney decided to defer compensation earned in 1999 over five
years for his services as chief executive officer of
Halliburton. He had received $194,852 through this deal in
2004.

“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,” the
vice president’s office said. “This 2005 payment closes out the
payments under the deferred compensation plan.”

The tax return also reported Mrs. Cheney’s royalty income
from her book “A Time for Freedom: What Happened When in
America,” salary income from the American Enterprise Institute,
and a director’s retirement benefit from Reader’s Digest, on
whose board of directors she served until 2003.


Source: reuters



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