Bush and Cheney release tax returns

President and wife Laura report taxable income of $700,000

Written by Alex Hawkes

Accountancy Age, 15 Apr 2008

The US president George Bush and vice-president Dick Cheney have released their tax returns.

The Bushes reported taxable income of $719,274 (£365,000) for 2007. George and Laura Bush paid a total of $221,635 in federal income taxes, WebCPA.com reported.

The tax return reports a $150,000 book advance received by Mrs. Bush for the children's book she wrote with daughter Jenna. The advance was donated to teaching projects.

It also mentions $165,660 of donations to churches and charitable organizations.
The vice president's tax returns show that Dick and Lynn Cheney made taxable income of $2,528,068 in 2007, and owed taxes of $602,651.

They paid $466,165 through withholding and estimated tax payments, and will pay the remainder when they file the return.