Bush Reports 2004 Income Of $784K

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President Bush reported adjusted gross income of $784,219 for last year, on which he paid $207,307 in federal taxes, according to presidential returns released Friday by the White House.

The tax bill for the president and first lady Laura Bush was lower than the previous year, when the first couple reported $822,126 in adjusted gross income and paid $227,490 in federal income taxes.

The Bushes listed as income his presidential salary and investment income from trusts that hold their assets.

The couple contributed $77,785 to churches and charitable organizations, including Evergreen Chapel at Camp David, Md., St. John's Church in Washington, the American Red Cross, the Salvation Army World Service Office, AmeriCares, the Susan G. Komen Foundation and the federal government's Combined Federal Campaign.

The White House also released the 2004 tax return filed by Vice President Dick Cheney and his wife, Lynne.

The report shows the Cheneys owe federal taxes for 2004 of $393,518 on taxable income of roughly $1.3 million.

Throughout last year, the Cheneys paid $290,855 in taxes through withholding and estimated tax payments. When they filed their return on Friday, they paid the remaining $102,663.

The Cheneys' income included the vice president's $203,000 government salary and $194,852 in deferred compensation from Halliburton Co., the Dallas-based energy services firm he headed until Aug. 16, 2000. Cheney elected in December 1998 to recoup over five years a portion of the money he made in 1999 as chief executive officer of Halliburton. This amount was to be paid in annual installments — with interest — after Cheney's retirement from Halliburton.

"The amount of deferred compensation received by the vice president is fixed and is not affected in any way by Halliburton's current economic performance or earnings," a statement issued by the White House said.
  • Joel Roberts

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