Taxes at the Top

Michael Sheehan

Physician's Money Digest, July31 2004, Volume 11, Issue 14

How much did the US president andvice president pay in taxes last year? Inpercentage terms, President George W.Bush paid 28% of his adjusted grossincome (AGI) in federal income taxes;Vice President Dick Cheney paid 20%.President Bush reported an AGI of$822,126 in 2003, slightly lower than theprevious year, and paid $227,490 in taxeson that amount, also a bit lower than2002 payments. Vice President Cheneyreported an AGI of $1.3 million, includingdeferred compensation from Halliburton,and owed $253,067 in federalincome taxes. The vice president's incomeincluded his wife Lynne's salary from theAmerican Enterprise Institute, a Washington,DC–based think tank, along withhis vice presidential salary of $198,600.Bush's return claimed $95,043 in itemizeddeductions, including $68,360 incharitable donations. Bush also deducted$21,352 in property taxes paid on hisranch in Crawford, Tex.