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Tax Time at 1600 Pennsylvania
Ever wonder what a First Family’s tax return looks like? Here you go. (That’s the first page).
Looks just like yours, except perhaps for the numbers.
Some highlights from the George W. Bush and Laura W. Bush (married filing jointly) 1040 released today by the White House:
Though the have homes in DC and Texas, the Bushes’ tax return, again, lists Chicago as the home address. That’s because that’s where the Northern Trust Co. is. Northern Trust takes care of the trusts that hold the Bushes assets. And it was a pretty good year for the trusts. The Bushes reported $765,801 in adjusted gross income (about $30,000 higher than 2005), including $397,768 and the rest from investments.
The tax hit on the $642,905 in taxable income: $186,378, which crunches out to a $19,361 refund because their withholding and estimated payments exceeded what they owed. They opted to apply the refund to their 2007 taxes.
Charity-wise, the Bushes gave $78,100, including donations to the Crawford Volunteer Fire Department, the government’s Combined Federal Campaign, Operation Smile, Martha’s Table, the Salvation Army, Susan G. Komen Foundation and the Yellow Ribbon Support Center.
The deductibles also included $27,474 in property taxes on their Texas ranch.
And now for the really big numbers, let’s turn to the Second Family’s return, also released today.
The Cheneys showed adjusted gross income of $1,801,272 and taxable income of $1,614,862. The tax bite on that was $413,326. Like the Bushes, they overpaid in withholding and estimated payments. The Cheneys are due a $51,463 refund, but opted to apply that to their 2007 taxes.
The income included Cheney’s $208,575 government salary and a $27,500 pension check from Union Pacific, where he used to serve as a director. He became eligible for this last year when he turned 65.
The Cheneys donated $104,425 to charity in 2006. His office notes that brings their charitable giving to $7.8 million since he took office in 2001.
Unlike the Bushes, the Cheneys opted to blank out the home address on the copy they released to reporters. This is where you would insert your own “undisclosed location” joke.
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