Vice President Dick Cheney and Mrs. Cheney Release 2007 Income Tax Return

Vice President and Mrs. Cheney filed their federal income tax return for 2007 today.

The income tax return shows that the Cheneys owe federal taxes for 2007 of $602,651 on taxable income of $2,528,068. During the course of 2007 the Cheneys paid $466,165 in taxes through withholding and estimated tax payments, and will pay the remaining $136,486 upon filing their tax return.

The wage and salary income reported on the tax return includes the Vice President's $212,208 government salary. In addition, the tax return reports a pension benefit of $32,500, which the Vice President received as a former director of Union Pacific Corporation. 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 amounts of the pension benefits received by the Vice President and by Mrs. Cheney are fixed and will not increase or decrease regardless of changes in the earnings or revenues of either company.

The Cheneys donated $166,547 to charity in 2007. This brings the Cheneys' total charitable contributions during his Vice Presidency to $ 7,966,566.

For Immediate Release April 11, 2008

Tags: Vice President Dick Cheney and 2007 Tax Return or American Enterprise Institute

President and Mrs. Bush Release 2007 Tax Return

President and Mrs. George W. Bush reported taxable income of $719, 274 for the tax year 2007. This resulted in a total of $221,635 in federal income taxes paid by President and Mrs. Bush.

The President's 2007 income included salary earned as President and investment income from the trusts in which the President and Mrs. Bush'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 Jenna Bush. Mrs. Bush donated all net proceeds from the advance to Teach for America and the New Teacher's Project.

President and Mrs. Bush 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.

For Immediate Release Office of the Press Secretary April 11, 2008

Tags: President Bush and 2007 Tax Return or Crawford Volunteer Fire Department