Bushes Pay $187, 768 in Taxes for 2005 (25%)

[wakeme2008]

http://www.nytimes.com/aponline/us/AP-Bush-Income-Taxes.html


April 14, 2006
Bushes Pay $187, 768 in Taxes for 2005
By THE ASSOCIATED PRESS

Filed at 2:07 p.m. ET

WASHINGTON (AP) -- President Bush reported adjusted gross income of $735,180 for last year, on which he paid $187,768 in federal taxes, according to the president's return released Friday by the White House.

In 2004, the president and first lady Laura Bush reported $784,219 in adjusted gross income and paid $207,307 in federal income taxes.

..little more at link..

[Maine-ah]

1. pffft....

The Bushes paid $26,172 in state property taxes on their ranch near Crawford, Texas, up about $4,000 from the year before.


that's more than I make in a year.

[creeker]

30. so get a better job

[shadowknows69]

40. Ok, poof I have a better job.

Great argument. Got one I can have?

[stepnw1f]

68. oh... ok (nt)

[MADem]

2. A regular guy, eh?? A man of the people???

It's actually a good number to remember, when asshats who haven't comprehended what an out-of-touch clown this guy is try to sell that "I'd have a beer with him" nonsense.

These numbers stood out to me:

The couple contributed $75,560 to churches and charitable organizations, about $2,200 less than last year....Cheap bastards, with all the misery in the world this past year!!! And the bums MADE more this year than last, too!!!!

The Bushes paid $26,172 in state property taxes on their ranch near Crawford, Texas, up about $4,000 from the year before. SEE??? The shit rolls downhill--property taxes go UP when federal taxes go down!!! So much fer 'keepin' yer own money!!!...

[Igel]

9. The article's worded a bit oddly.

"Last year" refers to both 2005 and 2004, depending where the phrase occurs.

Here's what I get out of it:

year.....AGI......donations
2004....784,219...~77,760
2005....735,180....75,560

[MADem]

11. Well, this year we pay our 05 taxes, last year we paid 04

That always brings me up short on the forms, when I'm trying to cross reference or check a past year filing. My first thought, no matter how many times I do it, is "Oh shit, I'm MISSING last year's return!!!"

[wordpix]

14. "property taxes go UP when federal taxes go down"--should be a Dem slogan

It is so true. Our property taxes have zoomed up in my town. We pay almost 100% of school costs (state pays barely anything). We pay 100% of all municipal costs. Meanwhile, both the state and town keep cutting jobs and services. We have ONE state DEP person in charge of aquifer protection---ONE in charge of our watershed that is HUGE, and so on. Teachers and school programs are constantly being cut; the schools are not maintained and are literally falling apart. And this is a a fairly affluent town!

Meanwhile, * is out there telling everyone how wonderful he is with his fed tax cuts. Dems should counter by pointing out that property taxes are increasing proportionately, at least.

[creeker]

31. try to remember that ALL politicians at that level are political WHORES

[RobertSeattle]

3. No login Url

(Both are from the AP)

http://www.cnn.com/2006/POLITICS/04/14/bush.taxes.ap/

[Media_Lies_Daily]

4. 25% of the income they REPORTED. Think about it....

...do you really believe the Bush Family is going to give up 25% of their ill-gotten gains?

[wakeme2008]

7. Yes and think about their COSTS of Living...

What medical, electric, food, shit, talking about it they do not even pay for their own TP.

[MADem]

12. To say nothing of all that transportation....!!!! n/t

[Child_Of_Isis]

5. So, is this what we pay our Royalty, or

does he have another job somewhere?

If not, he is not paying but returning.

[northzax]

10. his salary is $400,000

I can only assume that the remaining came as income from his blind trust (although Mrs. Bush may have had some book royalties as well)

[DoYouEverWonder]

6. Like to see how they knocked back their tax bill

to 25%.

[onenote]

8. pretty simple, I suspect

They had AGI of $735,180 and taxable income of $187768. A big chunk of the difference is reflected in their charitable deductions, which totaled $75560. They also had property taxes of over $26K on the Crawford ranch. I'm guessing that they had state/local taxes and other property taxes that further reduced their AGI.

I point this out not to defend chimpy, but simply to make the point that before the pres and vp file their tax returns (and this goes for any pres), the return is going to be so closely reviewed that,frankly, its silly to start tossing around claims that they've engaged in some sort of tax fraud.

onenote

[peaches2003]

13. Not txble income, but txs paid

The 187K was what he paid in taxes, not his txble income.

[onenote]

15. Thanks for pointing that out. But my point sttill stands

MY post should've said that chimpy's AGI was $735,180 and his taxable income was $618,694. The difference ($116,486) is largely explained by his charitable contributions, which exceeded $75K and his property tax deduction on the Crawford ranch, which was in excess of $26K. Add it state tax deduction and other property deductions, and its not too hard to reduce one's AGI by 116K (or roughly 16 percent)

onenote

[peaches2003]

17. Absolutely.

[Up2Late]

16. Cheneys' AGI in 2005 was $8,819,006!!! And gave $6,869,655 to charity(78%)

I'd LOVE to see Cheney's Tax return, and would LOVE to know WHO these "charities" are that he would give away nearly 78% of his income!

<http://go.reuters.com/newsArticle.jhtml?type=topNews&storyID=11852925&src=rss/topNews>

I'm not good with numbers, but would LOVE to know how many un-American American's their are out there, who make more than $5 Million Dollars per year, and do they all give away 75% to 80% of their income to "charities" rather than paying the current 35% Tax rate for the top income bracket to our Government? <http://www.statefarm.com/lifevents/taxcenter/incometax.htm>

How much would all those avoided Taxes add up to? I bet it would help balance the Federal Budget Deficit, or at least take a BIG bite out of it.

There's NO WAY Cheney is NOT cheating on his Taxes! :mad:

[peaches2003]

18. No, he's not cheating

As much as I despise the Cheney's, and believe me I do as much as anyone here, I assure you he is not cheating on his taxes. His accountants are 'using' the system that is set up in order for the superrich to avoid paying taxes. It's more 'profitable' for him to give a huge portion of his income to charity than it is to pay taxes like the rest of us.

[Up2Late]

25. You're probably right, but it still looks very shady.

You should check out his 1040 form <http://www.taxhistory.org/thp/presreturns.nsf/Returns/11F1D52A38CECA9685256E7500760284/$file/cheney_2005.pdf>

Line 7 Wages, Salary, tips... $7,423,433.00

Line 37 Adjusted Gross Income $8,819,006.00

Line 40 Itemized Deductions $6,857,849.00

Line 63 Total Tax owed $529,636.00

Line 54 Federal Taxes Withheld $2,452,986.00

Line 72 Amount Overpaid (His Refund!) $1,938,930.00

Something stinks when you end up with a $1.9 MILLION DOLLAR Refund.:mad:

[cantstandbush]

28. I won't believe it until i see the charities> Plus they got a refund of

$1.9 mil which left them with a much smaller percent paid in taxes.

[WhiteTara]

35. Here are the charities

George Washington University Medical Faculty Associates, Inc. for the benefit of the Cardiothoracic Institute, the University of Wyoming for the benefit of the University of Wyoming Foundation, and Capital Partners for Education for the benefit of low-income high school students in the Washington, D.C. area.

I checked out the Board of Directotr for the Capital Partners of Education. Here's all about this school voucher no public education crowd:

Acton Institute's Board of Directors

The Acton Institute's activities are governed by a Board of Directors. Each member of our board believes in the importance of the Acton Institute's work to promote the compatibility of faith and freedom.
Mr. David Humphreys - Chairman, Tamko Asphalt Products
Dr. Alejandro A. Chafuen - Secretary, Atlas Economic Research Foundation
Rev. Robert A. Sirico - President, The Acton Institute
Mr. Barry Conner, America's Home Place
Mr. Robert Costello, Robert W. Baird & Co. Incorporated
Mr. Frank Hanna III, HBR Capital, Ltd.
Mr. Alejandro Garza-Lagüera, Savia, S.A., Pulsar International
Mr. David Milroy, Flatrock Capital Management LLC
Mr. J.C. Huizenga, National Heritage Academies
Mr. Sidney J. Jansma, Jr., Wolverine Gas and Oil Corporation
Rev. Ren Broekhuizen, Pastor (Retired), Ridge Point Community Church
Mrs. Carol Erickson Martino, Consultant, Ambrosetti Group

Acton Board of Advisors
Dr. William B. Allen, Michigan State University
Mr. Doug Bandow, Citizen Outreach
Rev. John Michael Beers, Pontifical College Josephinum
Mr. F. Joseph Bradley, Bradley Enterprises, LLC, dba Investors Hotline
Dr. Rocco Buttiglione, International Academy of Philosophy
Sr. Connie Driscoll, St. Martin de Porres House of Hope
Dr. Rufus Fears, University of Oklahoma
Rev. Joseph Ganssle, OFM, Marian Associates
Dr. Steve Hanke, Johns Hopkins University
Dr. James C. Holland, Shepherd College
Mr. James L. Johnston, Amoco Corporation (ret.)
Rabbi Daniel Lapin, Toward Tradition
Dr. Leonard P. Liggio, Atlas Economic Research Foundation
Dr. Jennifer Roback Morse, George Mason University
Dr. Ronald Nash, Reformed Theological Seminary
Mr. Michael Novak, American Enterprise Institute
Rev. James Sadowsky, SJ, Fordham University
Rev. James V. Schall, SJ, Georgetown University
Mr. Harry Veryser, Walsh College


Acton Institute's Board of Directors

The Acton Institute's activities are governed by a Board of Directors. Each member of our board believes in the importance of the Acton Institute's work to promote the compatibility of faith and freedom.
Mr. David Humphreys - Chairman, Tamko Asphalt Products
Dr. Alejandro A. Chafuen - Secretary, Atlas Economic Research Foundation
Rev. Robert A. Sirico - President, The Acton Institute
Mr. Barry Conner, America's Home Place
Mr. Robert Costello, Robert W. Baird & Co. Incorporated
Mr. Frank Hanna III, HBR Capital, Ltd.
Mr. Alejandro Garza-Lagüera, Savia, S.A., Pulsar International
Mr. David Milroy, Flatrock Capital Management LLC
Mr. J.C. Huizenga, National Heritage Academies
Mr. Sidney J. Jansma, Jr., Wolverine Gas and Oil Corporation
Rev. Ren Broekhuizen, Pastor (Retired), Ridge Point Community Church
Mrs. Carol Erickson Martino, Consultant, Ambrosetti Group

Acton Board of Advisors
Dr. William B. Allen, Michigan State University
Mr. Doug Bandow, Citizen Outreach
Rev. John Michael Beers, Pontifical College Josephinum
Mr. F. Joseph Bradley, Bradley Enterprises, LLC, dba Investors Hotline
Dr. Rocco Buttiglione, International Academy of Philosophy
Sr. Connie Driscoll, St. Martin de Porres House of Hope
Dr. Rufus Fears, University of Oklahoma
Rev. Joseph Ganssle, OFM, Marian Associates
Dr. Steve Hanke, Johns Hopkins University
Dr. James C. Holland, Shepherd College
Mr. James L. Johnston, Amoco Corporation (ret.)
Rabbi Daniel Lapin, Toward Tradition
Dr. Leonard P. Liggio, Atlas Economic Research Foundation
Dr. Jennifer Roback Morse, George Mason University
Dr. Ronald Nash, Reformed Theological Seminary
Mr. Michael Novak, American Enterprise Institute
Rev. James Sadowsky, SJ, Fordham University
Rev. James V. Schall, SJ, Georgetown University
Mr. Harry Veryser, Walsh College

Note Robbi Daniel Lapin is one of Jack's friends and his personal rabbi. Apparently he will well loved by the right.

[creeker]

34. Isn't THAT the best way to avoid taxes?and to help the poor?

[onenote]

19. here's some info

The charities, which were designated by cheney in a 2001 "gift administration agreement" that dictated that the proceeds from certain non-transferable Halliburton stock options be donated, are the George Washington University Medical Faculty Associates, Inc. for the benefit of the Cardiothoracic Institute, the University of Wyoming for the benefit of the University of Wyoming Foundation, and Capital Partners for Education for the benefit of low-income high school students in the Washington, D.C. area.

I'd love to see his return too. Unfortunately, I think that all that he releases is the Form 1040, not the accompanying schedules, so you really can't tell very much. Here's a link that has bot Cheney and chimpy's returns including the one's released today. http://www.taxhistory.org/thp/thpwebsite.nsf/Web/PresidentialTaxReturns?OpenDocument

Chimpy releases more of the schedules, but still doesn't provide everything. For example, the statement explaining his miscellaneous expenses of over $44K isn't attached.

The way the charitable gift is being explained is bit murky, but it appears that while the proceeds of the sale of the options are deemed wage income (and apparently don't trigger any signficant gain or loss since they were simultaneously exercised and sold), the money never really was in Cheney's hands -- it went directly to the charities.

onenote

[fryguy]

23. "charities" = GOP election coffers?

just wondering

[complain jane]

26. "giving to charity" = "money laundering"

Can't imagine a greedy sloth like Dick Cheney "donating" anything to anybody.

[Marie26]

32. 78% to charity?

That's BS. Any tax lawyer DUer's out there? I think Cheney needs an audit.

[brentspeak]

20. Want a good laugh? Read this:

This is from the inside flap of Ronald Kessler's paid-puff piece biography of Bush, "A Matter Of Character":

"And some of Bush's closest friends reveal how down-to-earth he has remained since his middle-class boyhood in West Texas" (my bold)

[fryguy]

22. all middle-class boys in west Texas

go to Andover-Phillips Academy, Yale, and Harvard Business School (all, clearly on merit mind you)

:crazy:

[brentspeak]

24. And are given their very own oil company

[fryguy]

21. when they call them "Bush's tax cuts" they're not kididng - n/t

[wordpix]

27. He makes over $735K to be a complete fuck up who engages in illegal

activity. Must be nice if you can get it. Can't wait to see him in jail with his assets liquidated to US Treasury and Iraqi people.

[Orrin_73]

29. What are the tax rates in the US?

Can anybody explain the tax rates in the US?

[Up2Late]

36. Here's a link to what is officially on the books, but if you have LOTS...

...of money (like Cheney) you can get your tax rate down to 6% or less.

<http://www.statefarm.com/lifevents/taxcenter/incometax.htm>

Top Four Income Tax Brackets*

Old

15% 27% 30% 35% 38.6%

New

10% 25% 28% 33% 35%

[WhiteTara]

33. his tax policy saved him $20,000

:nuke:

[pinniped]

37. Rich people don't pay taxes.

Monkeyboy pays taxes.

[Solly Mack]

38. According to Slate magazine, Bush has a net worth of around $9 m to $26 m

http://ask.yahoo.com/20040823.html



and under the son, how much did the father's net worth increase?

[shadowknows69]

39. My wife paid about 30%

of the whopping 24,000 she made this year. I have a failed home business that shows a loss or we would have had to pay in instead of our refund of GASP, Wait for it....$195 Whoo hoo! Keeping more of the money we earn under good ole GW.

[True_Blue]

41. Bush earns $735,180 US, Cheneys take in millions

U.S. President George W. Bush reported adjusted gross income of $735,180 US for last year, on which he paid $187,768 in federal taxes, according to the president's return released yesterday by the White House.

Vice-President Dick Cheney and his wife, Lynne, reported considerably larger sums in all categories. They also have a big refund check -- of nearly $2 million -- on the way, reflecting the complexities of how the Cheneys have distributed their tax burden and withholding in recent years.

more...
http://www.hamiltonspectator.com/NASApp/cs/ContentServer?pagename=hamilton/Layout/Article_Type1&c=Article&cid=1145051413116&call_pageid=1020420665036&col=1112101662670

[lovuian]

42. Oh but Poppy Bush & Neil & other Bushes made billions

having insider information and will definitely let their brother be part of the winnings...

Its a King and his family!!!

[Erika]

43. A refund of 2 mil

and we have the poverty level of over 20% in this country. Is something wrong with this picture?

[Syrinx]

44. I wonder how many BILLIONS they really stole

I bet there's a very happy offshore banker out there somewhere.

[Erika]

45. The Bush's and the Cheney's and their descendants

will have the easy life for all time. Then they'll tell us it's because they worked so hard and why didn't we. These people are the elite ruling class and they don't care who knows it.

[Syrinx]

46. scum of the earth, they are

Maybe, just maybe, people are beginning to figure it out.

[saigon68]

49. Vile, Disgusting War Criminals sending soldiers to certain deaths

To Line their own pockets and kill lots of Islamic Heretics in the process.

[NEOBuckeye]

47. Don't bet on it.

When the economic collapse hits, the Bush and Cheney families may finally receive their comeuppance in much the same way that the French nobility did during the French Revolution.

You can only profit at the people's expense for so long. When the economic gap grows too wide, the people will revolt against the establishment, and no amount of wealth can save those who fostered the disparity between haves and have-nots.

[BreweryYardRat]

50. So long as you keep that comeuppance to the ultra-rich, boy.

Last thing I need to be worrying about is my dad's safety just because he makes about 100k after taxes.

But you wanna pull down corrupt ultra-rich bastards like the ones you mentioned, go right ahead. I'll even join in.

[bluesbassman]

48. What about the Alt-Min Tax?

The cheney's make $8.8 million and "donate" $6.8 million which is 77% of their income and the IRS has no problem with this? If I told my accountant that I had donated 77% of my income he would laugh me out of his office. But seriously, any tax pros out there that know if donating 77% of your income would raise a red flag? And isn't the alternative minimum tax supposed to account for this?

[Kagemusha]

51. I heard years ago there was "deferred compensation" involved

that is, from Halliburton... and the big refund check is likely related to this.

I don't consider myself ignorant in general but, I have to plead complete incompetence in explaining the details of the tax code in this particular case. I doubt Cheney is doing anything that's illegal... and if it's not clearly illegal, who'd dare audit? Not healthy for one's career.

But point being, that Halliburton stuff doesn't necessarily fall under the alternative minimum tax because it's not normal income. This may violate the spirit of the AMT, but some other part of the tax code probably gets first dibs, and once that income is donated, AMT has been bypassed, so the letter of the AMT isn't being violated. Probably something like that.

[Deja Q]

52. That's about 15x that of average American family pay...

And as he prefers to educate foreigners for exploitation than keeping America strong... I hope he enlists them when the draft comes.

Which won't be easy; Indians have a tiffie with Pakistanis right now... and as for the Chinese, oh dear...

[Triana]

53. I wouldn't say he "earns" it...

...lazy little mofo. If he was paid what he "EARNED" (or was truely worth), he'd be paying US to put up with him and his lies and destruction.

[Ilsa]

54. I wonder what those Cheney charities are. Are they really charities

or are they designed to help political cronies?

[Nevernose]

55. Two universities & a DC public school program

In decending order: heart study at a medical school (can't remember right now), th Uof Wyoming, and last AND LEAST a program for underprivilged children in DC.

Even in charity, he gives the most to the one that benefits himthe most.

Edited to add: of course, this is Dick Cheney we're dealing with, so I'm sure that there is SOMETHING shady going on with his donations of Haliburton stock options. The above information, I'm ashamed to say, came from the fouteen seconds I spent watching Faux News this morning.

[Ilsa]

66. I appreciate those brave enough to handle a moment or two

watching Faux to keep abreast of what the evil ones are up to.

[wordpix2]

56. the guy can barely walk much less "earn" that much by working hard

Where's all this income from, that's what I want to know!

[DELUSIONAL]

57. OK -- but how much does it cost us to keep these guys

like royalty?

How much does it cost to keep the White House and other places used by bushie -- and to fly his royal hind end to his "speaking" engagements?

The bastards should pay taxes on their "upkeep".

[Jamison]

58. I wonder how much money Cheney is under-reporting, or hiding.

I bet he REALLY has enough to make Bill Gates look like a welfare case.

[Canuckistanian]

59. And Social Security "won't be there" for Jenna and Barbara

Not unless it's privatized NOW!

[Post]

60. Not as Happy As Arthur Winston

These idiots are not as happy as this guy = hard work, good life - where did this America go? http://postanapology.blogspot.com/2006/04/hooray-for-arthur-winston-employee-of.html#links

[rocktivity]

61. Candidate for this month's "You Call This NEWS?" award

And I'm sure that doesn't even count the pension checks he's getting from Halliburton. What more proof do you need that he's the real power behind the throne?

:headbang:
rocknation

[Rex]

62. That is what is reported on; the offshore accounts have billions

of tax-free dollars stored away for a rainy day.

[Toots]

63. Adjusted Gross not Gross

The Gross is probably in the millions...

[AX10]

64. Gee, wasn't there a conflict of interest for...

Bush to pass those tax cuts back in 2001-2003? Cheney seems to have beneifted quite nicely.

[young_at_heart]

65. Didn't Cheney start out poor? Bush is a different story.

One wonders how Cheney increased his wealth so dramatically?

[SoCalDem]

67. Did they claim the Free travel, Free food, Free lodging, Free everything

as "income"??

Ordinary people ahve to clain "winnings".. I wonder if there is a formula to claim all the free stuff a president gets.. I know it;s part of the job, but what happens these days is EXCESSIVE..:grr:

tHE MAN FLIES SOMEWHERE every day AND IT';S ALWAYS JUST A WAY TO GRAB MONEY FOR HIS POLITICAL PALS AND HIS PARTY.. It's NOT official business

[gglor]

69. Class action suit against bush and cheney

for depriving us of our constitutional rights. Malicious negligence in causing the death of thousands during Katrina. Lying and deceiving the american public.

This may be wishful thinking. Maybe there is a law that would stop us. Probably Bush would write a law to stop us. If nothing else we could get our protests out in the media and those that are too scared of retaliation by bush might come out of the woodwork.

Money is always the problem, what about getting law students to do the lawsuit and getting someone like robert redford to help us with money... Redford ,Sheen, Clooney anyone who is anti bush.

I am sick of voter fraud and not being able to get good people in office. waiting for 06 may be pie in the sky. In the meantime, this bush------- plans on nuking Iran and destroying the southwest with the Yucca mountain project.

Why couldnt we get a class action lawsuit together against the chimp. We might even get some investigation and indictments started.