Sunday, April 13, 2008

Bush paid S$302,975 in 2007 federal tax

April 12, 2008

CRAWFORD (Texas) - PRESIDENT George W. Bush and first lady Laura Bush reported taxable income of US$719,274 (S$983,248) for 2007 and paid $221,635 in federal income tax, the White House said on Friday.

Vice President Dick Cheney and his wife, Lynne, earned more than three times as much, reporting taxable income of US$2,528,066 while paying US$602,651 in federal income taxes, forms released by the White House showed.

The president's income included his salary as president, listed as US$397,839, and income from trusts in which his assets are held. The first lady received a US$150,000 advance for a children's book she co-authored with daughter Jenna, the White House said.

Mrs Bush donated her net proceeds from the advance to Teach for America and the New Teacher's Project. President and Mrs Bush contributed US$165,660 to churches and charitable organizations, including the Volunteer Fire Department in Crawford, Texas.

The Cheneys income included US$292,208 in salary, US$75,420 in taxable interest, US$654,730 in ordinary dividends, business income of US$180,976, US$1,418,428 in capital gains and US$430,276 in other income.

Both the Bushes and the Cheneys had a big tax bill at the end of the year. The Bushes had to pay US$17,741, while the Cheneys had to send in a check for US$136,486.

The release of the president's and vice president's tax forms came as President Bush spent the weekend at his Crawford ranch with his parents, brother Jeb and other family members. -- REUTERS

[Comment 1: The US President's salary is only US$400,000. Obama & Hillary are raising and spending up to US$20m a month each to win the nomination for President. When the Democrat and the Republican candidates campaign for the presidential election, they will probably spend even more. All this for a US$400,000 a year job? US President and the people who support them are either stupid, have no sense of cost-benefit analysis, or are fully aware that there are more to the Presidency than the salary and they have more to gain than just the explicit salary.

Comment 2: We never hear the Istana give a public report of what the Singapore president, or the ministers' paid in taxes. This is a transparency that the US has and we should also have. ]

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