Following the release of tax returns by the Clintons and the Obamas, the president and vice president have released copies of their returns.
The Bushes reported taxable income of $719,274 for 2007. George and Laura Bush paid a total of $221,635 in federal income taxes. The president's 2007 income included his salary and investment income from the trusts in which his and the first lady's assets are held. The tax return also reports a $150,000 advance received by Mrs. Bush for the children's book she co-authored with her daughter Jenna. Mrs. Bush donated all the net proceeds of the advance to the organizations Teach for America and the New Teacher's Project.
The Bushes contributed a total of $165,660 to churches and charitable organizations, including the Crawford Volunteer Fire Department, Susan G. Komen For the Cure, Malaria No More Fund, Martha's Table and St. John's Church.
The vice president's tax returns show that Dick and Lynn Cheney owed federal taxes of $602,651 on taxable income of $2,528,068 for 2007. During the course of the year, the Cheneys paid $466,165 in taxes through withholding and estimated tax payments. They will pay the remaining $136,486 upon the filing of their tax return.
The wage and salary income reported on the Cheney tax return includes the vice president's $212,208 government salary. In addition, the tax return reports a pension benefit of $32,500, which Cheney received as a former director of Union Pacific. The vice president became eligible for this benefit in 2006 when he turned 65. The tax return also reports Mrs. Cheney's book royalty income, a salary from her continuing work at the American Enterprise Institute and a pension benefit of $32,000, which she received as a former director of Reader's Digest.
The couple donated $166,547 to charity in 2007, bringing their total charitable contributions during Cheney's vice presidency to $7,966,566.
