Enjoy an Ads-Free Jets Insider - Become a Jets Insider VIP!
Results 1 to 14 of 14

Thread: Bush and Cheney's tax returns

  1. #1
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Washington, D.C.
    Posts
    3,406
    Post Thanks / Like
    [url=http://www.washingtonpost.com/wp-dyn/articles/A8271-2004Apr13.html]http://www.washingtonpost.com/wp-dyn/artic...-2004Apr13.html[/url]

    Bush Reports More Than $750,000 in Taxable Income

    The Associated Press
    Tuesday, April 13, 2004; 1:14 PM


    President Bush reported $822,126 in adjusted gross income for last year, on which he paid $227,490 in federal income taxes -- or about 28 percent, according to the president's federal returns released Tuesday by the White House.



    Bush and his wife, Laura, listed as income his presidential salary, interest and the investment income from trusts that hold their assets.

    The Bushes' income and tax bill was slightly lower than the previous year, when the First Couple reported $856,056 in adjusted gross income and paid $268,719 in federal income taxes. For 2002, the Bushes paid about 31 percent of their income in federal taxes.

    The White House also released the 2003 tax return filed by Vice President Dick Cheney and his wife, Lynne. They reported $1.3 million in adjusted gross income and owed $253,067 in federal taxes. The Cheneys' 2003 tax bill -- much lower than the $341,114 they paid for 2002 on just slightly less money -- represented just 20 percent of their income.

    For 2002, the Cheneys paid 29 percent of their adjusted gross income in federal taxes. Their income includes the vice president's $198,600 government salary and the $178,437 he earned in deferred compensation from Halliburton Co., the Dallas-based energy services firm he headed until Aug. 16, 2000. Cheney elected in 1998 to recoup over five years a portion of the money he made in 1999 as chief executive officer of Halliburton.

    "The amount of deferred compensation received by the vice president is fixed and is not affected by Halliburton's current economic performance or earnings in any way," said a statement released by the vice president's office -- a word-for-word reiteration of the statement he released last year.

    The vice president's office made the statement to explain the deferred compensation. Cheney's office has repeatedly stated that the vice president doesn't have a financial stake in the success of Halliburton, nor does he have anything to do with defense contracts.

    The Cheneys' income also includes Mrs. Cheney's income from work at the American Enterprise Institute, a Washington-based think tank, and compensation from her service on the Reader's Digest board of directors in 2003.

    The White House distributed the Bushes' federal form 1040 for 2003 with attached schedules two days before the April 15 filing deadline. For Cheney, only the federal form 1040 was released.

    The Bushes reported itemized deductions of $95,043, including $68,360 to churches and charitable organizations, including Evergreen Chapel at Camp David, Md., Tarrytown United Methodist Church in Austin, Texas, St. John's Church in Washington, D.C., the M.D. Anderson Cancer Center in Houston, Texas and the federal government's Combined Federal Campaign.

    The Bushes paid $21,352 in state property taxes on their ranch near Crawford, Texas, up from $19,902 last year.

    The Cheneys reported itemized deductions of $454,649. The couple donated $321,141 to charity in 2003, mostly in royalties from the sales of Mrs. Cheney's books, "America: A Patriotic Primer," "A is for Abigail" and soon-to-be-out "Fifty States."

    Bush overpaid his 2003 taxes by $61,451, and elected to apply the entire amount to their 2004 tax bill.

    The Cheneys overpaid their taxes by $5,712 and also directed that amount to go toward their 2004 taxes.

  2. #2
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Washington, D.C.
    Posts
    3,406
    Post Thanks / Like
    Some interesting observations...

    Bush and Cheney paid nearly identical in taxes even though Cheney reported an adjusted income of nearly 600K more than Bush. Also if you notice Bush's property taxes went up. States have been raising property taxes to compensate for the decreased federal taxes. I'm not even going to get into their deductions or the whole Halliburton thing.

  3. #3
    All Pro
    Join Date
    Mar 2004
    Posts
    6,408
    Post Thanks / Like
    [quote][i]Originally posted by Section109Row15[/i]@Apr 13 2004, 02:39 PM
    [b] Some interesting observations...

    Bush and Cheney paid nearly identical in taxes even though Cheney reported an adjusted income of nearly 600K more than Bush. Also if you notice Bush's property taxes went up. States have been raising property taxes to compensate for the decreased federal taxes. I'm not even going to get into their deductions or the whole Halliburton thing. [/b][/quote]
    I guess you didnt bother to read that Cheney gave close to $400,000 to charity. Next time read the article before you comment.

  4. #4
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Washington, D.C.
    Posts
    3,406
    Post Thanks / Like
    [quote][b]I guess you didnt bother to read that Cheney gave close to $400,000 to charity. Next time read the article before you comment. [/b][/quote]


    [i]The White House also released the 2003 tax return filed by Vice President Dick Cheney and his wife, Lynne. They reported $1.3 million in adjusted gross income and owed $253,067 in federal taxes.[/i]

    I'm not a tax adviser, but to me it seems that 1.3M in ADJUSTED gross income implies that the charitable deductions were already added in, hence the term adjusted.

  5. #5
    All Pro
    Join Date
    Mar 2004
    Posts
    6,408
    Post Thanks / Like
    [quote][i]Originally posted by Section109Row15[/i]@Apr 13 2004, 02:54 PM
    [b] [quote][b]I guess you didnt bother to read that Cheney gave close to $400,000 to charity. Next time read the article before you comment. [/b][/quote]


    [i]The White House also released the 2003 tax return filed by Vice President Dick Cheney and his wife, Lynne. They reported $1.3 million in adjusted gross income and owed $253,067 in federal taxes.[/i]

    I'm not a tax adviser, but to me it seems that 1.3M in ADJUSTED gross income implies that the charitable deductions were already added in, hence the term adjusted. [/b][/quote]
    Are you implying that the President or Vice President cheated on thier taxes?

  6. #6
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Washington, D.C.
    Posts
    3,406
    Post Thanks / Like
    [quote][b]Are you implying that the President or Vice President cheated on thier taxes?
    [/b][/quote]

    I'm simply pointing out the disparity. Someone with an adjusted gross income of $600K more should pay more taxes, its that simple. No I don't think they "cheated" I think the system is flawed. With those many deductions though they should both be subject to the AMT correct?

  7. #7
    Waterboy
    Join Date
    Apr 2003
    Posts
    5,713
    Post Thanks / Like
    [quote][i]Originally posted by Section109Row15[/i]@Apr 13 2004, 02:54 PM
    [b] [quote][b]I guess you didnt bother to read that Cheney gave close to $400,000 to charity. Next time read the article before you comment. [/b][/quote]


    [i]The White House also released the 2003 tax return filed by Vice President Dick Cheney and his wife, Lynne. They reported $1.3 million in adjusted gross income and owed $253,067 in federal taxes.[/i]

    I'm not a tax adviser, but to me it seems that 1.3M in ADJUSTED gross income implies that the charitable deductions were already added in, hence the term adjusted. [/b][/quote]
    No, that doesn't imply that at all. A donation is an itemized deduction. Adjusted Gross income is the total of all incomes from W-2's, 1099's, 1099R's, so on and so forth. The itemized deductions come after the adjusted gross income is stated. So very simply stated, Cheney made 1.3 mil and itemized over 450,000 in deductions to offset that, including a rather large donation of over $320,000. Not to mention he may have been paying estimated taxes, or he could have elected to pay tax upon withdrawal of any stock or pensions. Isn't he over 59 1/2?? If that is the case, and voluntary withdrawal's he makes gives him the option of having it taxed on the spot, rather than taxing it at the end of the year. If that is the case, it will still show up as part of his total AGI, but being that he already paid the tax on the disbursement, he certainly wouldn't have to do it again.

    To me you are doing nothing more than stir up trouble in an area where you have no knowledge. Nice try though. I'd be interested to see Kerry's tax returns as well.

  8. #8
    Hall Of Fame
    Join Date
    Apr 2003
    Posts
    4,530
    Post Thanks / Like
    How much more? As usual chock full of feeling, nothing more than feelings, on the left. What rate is good for you -65%? 75%? 95%? And what makes you think they aren't in AMT?

    Again, like the demands to release the bathroom logs of Bush's guard service, it's never enough. The fact that Kerry without prececedent got 3 Purple Hearts in 4 months of modest service from hickeys, pizza burns on the roof of his mouth and grass stains is never mentioned. Some animals will always be more equal than others in the eyes of the media.

    At least Bush and Cheney released their returns. Kerry files seperately, barely discloses the full return and won't disclose his wife's at all. In fact, Kerry's income doesn't even cover the interest on his refinancing interest charges to pay for his loan to his campaign, but we can't mention that since the liberal media won't talk about what a fiasco his campaign's finances are. His wife's foundations are running attack ads left and right, but heaven forbid we mention that violation of their beloved campaign finance laws. What a man!At least, he started to donate to charity, which neither he nor Al Gore did until someone must have told them how bad it looked. Or may like CLinton, he donated used underwear.

  9. #9
    Hall Of Fame
    Join Date
    Apr 2003
    Posts
    4,530
    Post Thanks / Like
    How much more? As usual chock full of feeling, nothing more than feelings, on the left. What rate is good for you -65%? 75%? 95%? And what makes you think they aren't in AMT?

    Again, like the demands to release the bathroom logs of Bush's guard service, it's never enough. The fact that Kerry without prececedent got 3 Purple Hearts in 4 months of modest service from hickeys, pizza burns on the roof of his mouth and grass stains is never mentioned. Some animals will always be more equal than others in the eyes of the media.

    At least Bush and Cheney released their returns. Kerry files seperately, barely discloses the full return and won't disclose his wife's at all. In fact, Kerry's income doesn't even cover the interest on his refinancing interest charges to pay for his loan to his campaign, but we can't mention that since the liberal media won't talk about what a fiasco his campaign's finances are. His wife's foundations are running attack ads left and right, but heaven forbid we mention that violation of their beloved campaign finance laws. What a man!At least, he started to donate to charity, which neither he nor Al Gore did until someone must have told them how bad it looked. Or may like CLinton, he donated used underwear.

  10. #10
    All Pro
    Join Date
    Mar 2004
    Posts
    6,408
    Post Thanks / Like
    [quote][i]Originally posted by Boozer76+Apr 13 2004, 04:19 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>[b]QUOTE[/b] (Boozer76 @ Apr 13 2004, 04:19 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin--Section109Row15[/i]@Apr 13 2004, 02:54 PM
    [b] [quote][b]I guess you didnt bother to read that Cheney gave close to &#036;400,000 to charity. Next time read the article before you comment. [/b][/quote]


    [i]The White House also released the 2003 tax return filed by Vice President Dick Cheney and his wife, Lynne. They reported &#036;1.3 million in adjusted gross income and owed &#036;253,067 in federal taxes.[/i]

    I&#39;m not a tax adviser, but to me it seems that 1.3M in ADJUSTED gross income implies that the charitable deductions were already added in, hence the term adjusted. [/b][/quote]
    No, that doesn&#39;t imply that at all. A donation is an itemized deduction. Adjusted Gross income is the total of all incomes from W-2&#39;s, 1099&#39;s, 1099R&#39;s, so on and so forth. The itemized deductions come after the adjusted gross income is stated. So very simply stated, Cheney made 1.3 mil and itemized over 450,000 in deductions to offset that, including a rather large donation of over &#036;320,000. Not to mention he may have been paying estimated taxes, or he could have elected to pay tax upon withdrawal of any stock or pensions. Isn&#39;t he over 59 1/2?? If that is the case, and voluntary withdrawal&#39;s he makes gives him the option of having it taxed on the spot, rather than taxing it at the end of the year. If that is the case, it will still show up as part of his total AGI, but being that he already paid the tax on the disbursement, he certainly wouldn&#39;t have to do it again.

    To me you are doing nothing more than stir up trouble in an area where you have no knowledge. Nice try though. I&#39;d be interested to see Kerry&#39;s tax returns as well. [/b][/quote]
    Thanks for clearing that up Booz.

  11. #11
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Boston
    Posts
    11,692
    Post Thanks / Like
    Kerry gave &#036;0 to charity in at least two years during the 1990&#39;s. &#036;0&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;


    Why won&#39;t Kerry release his medical records from the time he served in Vietnam?? Could it be because he never received medical treatment for his injuries???? What were his injuries?

    I hear about his war hero status all the time and his three Purple Hearts, yet the guy snowborards and all. What were his injuries?

    Normally I wouldn&#39;t care to ask these questions, and I do highly respect his service. But what&#39;s fair is fair.

    If Bush didn&#39;t release his returns, libs would go nuts. He does and they go nuts. Amazing. Section got exposed for knowing absolutely nothing about this subject - hilarious.

  12. #12
    All Pro
    Join Date
    Apr 2003
    Location
    NJ
    Posts
    2,393
    Post Thanks / Like
    Kerry actually wrote a &#036;50 check to charity, before he ripped it up.

  13. #13
    Maxman
    Guest
    [quote][i]Originally posted by jets5ever[/i]@Apr 13 2004, 04:50 PM
    [b] Kerry gave &#036;0 to charity in at least two years during the 1990&#39;s. &#036;0&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;&#33;


    Why won&#39;t Kerry release his medical records from the time he served in Vietnam?? Could it be because he never received medical treatment for his injuries???? What were his injuries?

    I hear about his war hero status all the time and his three Purple Hearts, yet the guy snowborards and all. What were his injuries?

    Normally I wouldn&#39;t care to ask these questions, and I do highly respect his service. But what&#39;s fair is fair.

    If Bush didn&#39;t release his returns, libs would go nuts. He does and they go nuts. Amazing. Section got exposed for knowing absolutely nothing about this subject - hilarious. [/b][/quote]
    That is not true. He put a bag of old socks in the Goodwill drop in 1999. But he forgot about it and didn&#39;t claim it as a deduction. So technically he gave to charity.

  14. #14
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    Washington, D.C.
    Posts
    3,406
    Post Thanks / Like
    [quote][b]If Bush didn&#39;t release his returns, libs would go nuts. He does and they go nuts. Amazing. Section got exposed for knowing absolutely nothing about this subject - hilarious.
    [/b][/quote]

    You are right I was had. Like I said I&#39;m not a tax specialist ;)

    Boozer:

    Ok so there is 1.3M before deductions minus the 400K in donations, but what about the AMT? I thought the AMT only allowed for a certain amount of deductions, after that the filer had to choose the standard deduction rather than itemized? (I&#39;m sure I&#39;m confused about AMT as are most Americans, a lot of middle-class people are getting screwed by this when it was meant to hurt the rich.) Does Cheney&#39;s age, like you were saying, preclude him from the AMT?

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Follow Us