If Democrats are serious about rolling back the alternative minimum tax, then they should be happy to have gotten a little more fodder last week to use in whatever PR campaign accompanies the unveiling of their plan.The White House released copies of the tax returns for both the Bushes and the Cheneys last Friday, and both families somehow found their way to avoiding the AMT.

President Bush and the first lady paid $186,378 in federal taxes on their adjusted gross income of $765,801, reporting $42,000 in taxable capital gains along the way (the first of his presidency), and donated about $78,000 last year to churches and charitable organizations. Meanwhile, the return for Vice President Dick Cheney and his wife, Lynne, shows that they owed federal taxes of $413,326 on taxable income of $1.6 million. The Cheneys donated more than $100,000 to charity in 2006, which the White House noted brought the couple’s total charitable contributions since 2000 to just over $7.8 million.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access