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Oval Office 2005 Tax Returns
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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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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…