TaxPersonal TaxBush and Cheney release tax returns

Bush and Cheney release tax returns

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

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.

Further Reading:

Read the WebCPA
story

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