Oval Office 2005 Tax Returns
It’s always interesting when the media reports on the tax returns of the President and the Vice President and this time was no different. President Bush paid nearly $188k on an AGI of $735k, only $400k of which was from salary. That 25.5% is about two times as much tax as I paid this past year, so kudos to the President for paying more (relatively) than I did in taxes. President Bush also donated over $75k to “churches and charitable organizations,” or more than 10% of his income for 2005.
Now take a very deep breath. Vice President Cheney earned $8.82 million. Now take another breath. $6.84 million was in the form of stock options exercised back in 2001 and all of it was donated to charity. VP Cheney still netted himself a cool $1.9 million of which he paid about $529k in taxes (27.8%). Cheney overpaid his taxes this year by over $1.9 million.
via CNN.
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There are 5 comments, add your thoughts now!
Wow. I hate to think what charities Cheney supports. Altho maybe PFLAG is on his list.
i think it’s ridiculous that he’s getting taxed only 25% for an AGI over 700K. That’s less than my tax rate and my AGI is a lot less than that…
gicu - If you earned $700k, donated $75k, and took a standard deduction (i doubt he’s taking the standard deduction) then that’s about how much you’d pay as a married filing jointly (you’d pay about $191k).
jim - my comment was on the lines that there’s something wrong with the system, and not that there is a mistake for this particular case…
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