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Archive for Saturday, April 14, 2001

Tax man hits Cheney much harder than Bush

President paid $240,000, vice president’s federal bill $14 million, reports show

April 14, 2001

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— President Bush paid $240,342 in federal taxes on income of $894,880 for the year 2000, but that was a mere pittance compared to Vice President Dick Cheney's $36 million income.

The White House released the financial information Friday as millions of Americans struggled to meet Monday's tax filing deadline. While Bush provided a copy of his 1040 tax form, Cheney released only a summary.

Under the tax cut plan the president is attempting to push through Congress, Bush would have saved about $39,000 in taxes, a reduction of about 15 percent, according to a tax-cut calculator sponsored by the conservative Heritage Foundation.

Cheney's savings could be not determined, because his summary did not provide enough information.

Cheney, the former chief executive of the Halliburton Co., an energy conglomerate, said he and his wife, Lynne, paid nearly $14.3 million in income taxes. The bulk of their 2000 income came from stock profits. It also included $806,332 for Dick Cheney's salary and $4.3 million in deferred compensation and bonuses.

Cheney received a $1.5 million cash bonus from Halliburton in January, when he left the company to become vice president, but that will be part of next year's tax return. Cheney also said in the summary that he lost about $1.9 million by selling stock to avoid conflicts of interest in his new job.

Nearly all of Bush's income came from investments from blind trusts. He reported $70,554 from his previous job as Texas governor.

Bush and his wife, Laura, reported $143,300 in charitable contributions, about 16 percent of their income. Their contributions included $75,000 in royalties from "A Charge to Keep," the president's memoirs.

The Bushes divided the royalties evenly among the Boy Scouts, the Girl Scouts, the Boys and Girls Clubs of America and Girls Inc., formerly known as the Girls Club of America.

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