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Presidential and Vice Presidential Tax Returns

According to the United States` President`s tax return released by the White House, President George W. Bush reported adjusted gross income of $735,180 for last year, on which he paid $187,768 in federal taxes. As for the 2005 tax return filed by Vice President Dick Cheney and his wife, Lynne, the Cheneys are entitled to a refund of about $1.9 million, with an adjusted gross income was about $8.82 million.

According to the report, the Bushes listed his presidential salary ? about $400,000 ? and investment income from trusts that hold their assets on their 2005 return. The Presidential couple contributed $75,560 to churches and charitable organizations, about $2,200 less than last year. Meanwhile, the Cheneys reported adjusted gross income of nearly $8.82 million, which was largely the result of exercising stock options that had been set aside in 2001 for charity.

The Cheneys donated just under $6.87 million to charity from the stock options and royalties from Mrs. Cheney`s books. That left about $1.9 million in income on which the Cheney`s owed $529,636 in taxes. Over the year, the Cheneys paid $2,468,566 in taxes and are entitled to a refund of $1,938,930.