President and first lady make $923,807
WASHINGTON (AP) - April 11, 2008 That's how much the Bushes owed on their adjusted gross income
of $923,807 for the year 2007, according to a joint return released
Friday.
The Bushes have paid $203,894 so far, which means they'll need
to break out the checkbook - they owe the government $17,741.
Their income total includes a $150,000 advance received by Laura
Bush for the children's book she co-authored with her daughter,
Jenna.
Last year, the president and Mrs. Bush paid $186,378 in federal
taxes on their income of $765,801.
Bush's salary as president is about $400,000.
Almost 29 percent of the Bushes' income comes from interest on
investments. The largest share of that interest was paid out from
one place, The Lone Star Trust, according to the return released by
the White House.
The White House also reported that Vice President Dick Cheney
and his wife, Lynne, had an adjusted gross income of $3.04 million
in 2007.
The Cheneys owed $602,651 in federal taxes on that income. They
have paid $466,165 through withholdings and estimated tax payments,
and will pay the remaining $136,486 upon filing their tax return.
The Cheneys' income includes the vice president's salary and a
pension he gets as a former director of Union Pacific Corp. It also
includes Lynne Cheney's book royalty income, a salary from her work
at the American Enterprise Institute and a pension she gets as a
former director of Reader's Digest.
The vice president's salary is about $212,000.
Mrs. Bush donated all net proceeds from her book advance to
Teach for America and The New Teacher Project, according to the
White House.
The Bushes contributed $165,660 to churches and charitable
organizations, including the volunteer fire department in Crawford,
Texas, where they own a ranch. The Cheneys donated $166,547 to
charity in 2007, the White House said.
