Taxes-Bush 5thLd-Writethru 04-11

President and first lady make $923,807, billed $221,635 in federal taxes

EDs: RECASTS lede to update with details on how much the Bushes owe; UPDATES with details on income from interest. Moving on general news and financial services.

AP Photos WHRE102-103

WASHINGTON (AP) — The federal tax bill for President Bush and his wife: $221,635.

That’s how much the Bushes owed on their adjusted gross income of $923,807 for the year 2007, according to a joint return released Friday.


The Bushes have paid $203,894 so far, which means they’ll need to break out the checkbook — they owe the government $17,741.

Their income total includes a $150,000 advance received by Laura Bush for the children’s book she co-authored with her daughter, Jenna.

Last year, the president and Mrs. Bush paid $186,378 in federal taxes on their income of $765,801.

Bush’s salary as president is about $400,000.

Almost 29 percent of the Bushes’ income comes from interest on investments. The largest share of that interest was paid out from one place, The Lone Star Trust, according to the return released by the White House.

The White House also reported that Vice President Dick Cheney and his wife, Lynne, had an adjusted gross income of $3.04 million in 2007.

The Cheneys owed $602,651 in federal taxes on that income. They have paid $466,165 through withholdings and estimated tax payments, and will pay the remaining $136,486 upon filing their tax return.

The Cheneys’ income includes the vice president’s salary and a pension he gets as a former director of Union Pacific Corp. It also includes Lynne Cheney’s book royalty income, a salary from her work at the American Enterprise Institute and a pension she gets as a former director of Reader’s Digest.


The vice president’s salary is about $212,000.

Mrs. Bush donated all net proceeds from her book advance to Teach for America and The New Teacher Project, according to the White House.

The Bushes contributed $165,660 to churches and charitable organizations, including the volunteer fire department in Crawford, Texas, where they own a ranch. The Cheneys donated $166,547 to charity in 2007, the White House said.

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