Bushes pay $268,719 in federal taxes

Atrail

Diamond Member
Apr 20, 2001
4,326
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Link

WASHINGTON (CNN) -- President Bush and first lady Laura Bush earned $771,940 in taxable income this past year and paid $268,719 in federal income taxes, the White House said Friday.

Both figures are up from 2001, when the first family reported $711,453 and paid $250,221 in federal taxes.

This past year's earnings included the president's $400,000 annual salary and income from trusts, the White House said.

The Bushes donated $82,700 to churches and charitable organizations, ranging from donations to September 11 charitable funds, and to the Tarrytown United Methodist Church in Austin, Texas, and Southern Methodist University, Mrs. Bush's alma mater.

Vice President Dick Cheney and Lynne Cheney made $945,051 in 2002 and got a tax refund of $95,858. The Cheneys had paid $436,972 in taxes through withholding and estimated tax payments, when it turned out they owed $341,114, his office said.

The income included the vice president's $190,134 salary. In addition, Cheney earned $162,392 as a result of deferred compensation from when he headed Halliburton Company. In December 1998, Cheney deferred his 1999 salary as Halliburton chief executive, electing instead for it to be paid over five years, his office said.

The Cheneys' income also included Lynne Cheney's earnings for her work at American Enterprise Institute, Reader's Digest and American Express Mutual Funds.

The Cheneys donated $121,983 to charity in 2002, most of it from donating Mrs. Cheney's royalties from her book "America: A Patriotic Primer" and her forthcoming book "A is for Abigail."


Thats alot of taxes...:Q
 

KingNothing

Diamond Member
Apr 6, 2002
7,141
1
0
Sweet. The next time some moron bitches about how Bush's tax cuts favor the rich, I'm going to point them to this thread.

That said, I find it humorous that the vice president makes more than the president.
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif
 

Sluggo

Lifer
Jun 12, 2000
15,488
5
81
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Say that when you have to write the check for $270,000, you will be singing a different tune.

 

Feldenak

Lifer
Jan 31, 2003
14,090
2
81
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Actually I'm 29, thank you.

So someone losing 35% of their income sounds fair to you? Would YOU consider giving up 35% of your income, or do you buy into the whole class warfare arguement used by the "Tax the rich!" crowd?

The expenditures you listed for the U.S. Government don't even come close to touching how much is spent on "sacred cows".
 

bobcpg

Senior member
Nov 14, 2001
951
0
0
No crap. Seriously, someone who takes home close to a mil or half a mil a year shouldn't be bitching about anything. They should be thankful that they even had a chance to make that much in their life!

pitty = 0
 

tcsenter

Lifer
Sep 7, 2001
18,909
558
126
No crap. Seriously, someone who takes home close to a mil or half a mil a year shouldn't be bitching about anything. They should be thankful that they even had a chance to make that much in their life!
I don't see the Bush's or the Cheney's or any of the wealthy people I personally know who pay 5x more in taxes than I make per year bitching and whining about how much taxes they pay.

All the bitching and whining I see is about how 'little' the rich pay in taxes compared to the 'common man'.
 

Feldenak

Lifer
Jan 31, 2003
14,090
2
81
Originally posted by: bobcpg
No crap. Seriously, someone who takes home close to a mil or half a mil a year shouldn't be bitching about anything. They should be thankful that they even had a chance to make that much in their life!

pitty = 0

So you would prefer to punish (tax) people who are successful?
 

Mavrick

Senior member
Mar 11, 2001
524
0
0
Originally posted by: Feldenak
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Actually I'm 29, thank you.

So someone losing 35% of their income sounds fair to you? Would YOU consider giving up 35% of your income, or do you buy into the whole class warfare arguement used by the "Tax the rich!" crowd?

The expenditures you listed for the U.S. Government don't even come close to touching how much is spent on "sacred cows".


I have to pay 50% of my income in taxes :( Now that's what I call unfair!! 35% is only a dream for me :(
 

Zenmervolt

Elite member
Oct 22, 2000
24,514
43
91
Originally posted by: notfred
Cheney's refund was over 3 times my salary for all of last year.
Cheny's refund also represents money that the Government took out of his paycheques all year. Based on the time value of money, Cheny is worse off to get a refund than to get no refund (assuming that the same total nominal amount of money is taken and kept by the government). The optimal strategy would be to have zero refund and zero due, but if you have to choose between getting a refund and having to pay, you're better off having to pay because you can be earning interest on the money you earn before you have to pay taxes.

ZV
 

Sluggo

Lifer
Jun 12, 2000
15,488
5
81
Originally posted by: Zenmervolt
Originally posted by: notfred
Cheney's refund was over 3 times my salary for all of last year.
Cheny's refund also represents money that the Government took out of his paycheques all year. Based on the time value of money, Cheny is worse off to get a refund than to get no refund (assuming that the same total nominal amount of money is taken and kept by the government). The optimal strategy would be to have zero refund and zero due, but if you have to choose between getting a refund and having to pay, you're better off having to pay because you can be earning interest on the money you earn before you have to pay taxes.

ZV

Heh, yeah, he could have put that money in a CD and earned 1.9% :) about $1820
 

glugglug

Diamond Member
Jun 9, 2002
5,340
1
81
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

I think that is the point. My personal tax rate works out a little over 40%. I wish that was on 800K..... I guess since they are in Washington DC there is no state tax but do they still have city tax?
 

bobcpg

Senior member
Nov 14, 2001
951
0
0
Originally posted by: Feldenak
Originally posted by: bobcpg
No crap. Seriously, someone who takes home close to a mil or half a mil a year shouldn't be bitching about anything. They should be thankful that they even had a chance to make that much in their life!

pitty = 0

So you would prefer to punish (tax) people who are successful?


And how are we "punishing" them? They are making just under a million dollars. What kind of pain are they feeling?

Besides people who make more generaly use more goverment resources. Hopefully money is not your only way to be successful.

If anyone who makes more that half a million a year and wants to be in a lower tax bracket and have my salary i will trade anytime.

 

bsobel

Moderator Emeritus<br>Elite Member
Dec 9, 2001
13,346
0
0
Besides people who make more generaly use more goverment resources.

And your basing that little bit of BS on what? Bob, how old are you? You really think it's ok to charge punitive rates to people who are successful?

35% is not bad. Oh no I only took home 600K and not 800K

For those of us out here in CA, don't forget to add on another 9.3%.

Bill
 

WinkOsmosis

Banned
Sep 18, 2002
13,990
1
0
Originally posted by: Sluggo
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Say that when you have to write the check for $270,000, you will be singing a different tune.

If I had that much money I sure as hell wouldn't cry about taxes.
 

technogeeky

Golden Member
Dec 13, 2000
1,438
0
0
Originally posted by: Feldenak
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Actually I'm 29, thank you.

So someone losing 35% of their income sounds fair to you? Would YOU consider giving up 35% of your income, or do you buy into the whole class warfare arguement used by the "Tax the rich!" crowd?

The expenditures you listed for the U.S. Government don't even come close to touching how much is spent on "sacred cows".

Do you guys have any better ideas?
 

bsobel

Moderator Emeritus<br>Elite Member
Dec 9, 2001
13,346
0
0
If I had that much money I sure as hell wouldn't cry about taxes.

rolleye.gif
Based on the idiotic view expressed in this thread that if you have money it's ok for the government to take it (as long, apparently, as they take it from anyone making more than YOU), it seems it's time to remind you all how taxes (and tax cuts) work:




Tax Cuts Explained

Let's put tax cuts in terms everyone can understand.

Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100.

If they paid their bill the way we pay our taxes, it would go something like this. The first four men -- the poorest -- would pay nothing; the fifth would pay $1; the sixth would pay $3; the seventh $7; the eighth $12; the ninth $18. The tenth man -- the richest -- would pay $59.

That's what they decided to do.

The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement -- until one day, the owner threw them a curve.

"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20."

So now dinner for the ten only cost $80.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free.

But what about the other six -- the paying customers? How could they divvy up the $20 windfall so that everyone would get his "fair share?"

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would end up being *paid* to eat their meal.

So the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so the fifth man paid nothing, the sixth pitched in $2, the seventh paid $5, the eighth paid $9, the ninth paid $12, leaving the tenth man with a bill of $52 instead of his earlier $59.

Each of the six was better off than before. And the first four continued to eat for free.

But once outside the restaurant, the men began to compare their savings.

"I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth. "But he got $7!"

"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got seven times more than me!"

"That's true!" shouted the seventh man. "Why should he get $7 back when I got only $2? The wealthy get all the breaks!"

"Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"

The nine men surrounded the tenth and beat him up.

The next night he didn't show up for dinner, so the nine sat down and ate without him.

But when it came time to pay the bill, they discovered something important. They were $52 short!

And that, boys and girls, journalists and college instructors, is how the tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore.

Unfortunately, TOO MANY COMPLAINERS cannot grasp this straight-forward logic!


Thank You.






 

bobcpg

Senior member
Nov 14, 2001
951
0
0
Originally posted by: bsobel
Besides people who make more generaly use more goverment resources.

And your basing that little bit of BS on what? Bob, how old are you? You really think it's ok to charge punitive rates to people who are successful?

------------------------


i'm 22, I guess i'm really dont care what happens to the people that make a lot of money. just that if i ever make that much i wont be bitching.


Now that i think about it, its the middle class that need a tax cut. I am in the middle of getting my 4 yr degree and i'v had to stop going to school and work to get pay for it. All the while i seen people get it paid for. Why? Because there parents are either to poor or rich.

poor: the goverment GIVES you money, mostly in grants
rich: daddy pays for it

now tell me why, in either instance, why the rich kids or the poor kids deserve college more than anyone else(in the eyes of the government)?




how old are you??
 

Sluggo

Lifer
Jun 12, 2000
15,488
5
81
Originally posted by: WinkOsmosis
Originally posted by: Sluggo
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Say that when you have to write the check for $270,000, you will be singing a different tune.

If I had that much money I sure as hell wouldn't cry about taxes.

Say you made $104,000 per year. At what point would YOU start complaining?

$20,000
$30,000
$40,000
$50,000

Now, say the government didnt take the taxes from your paycheck, and you had to properly budget your money so you could write a check for the whole amount on April 15. Would that make a difference?

At the $40,000 level, you would have to set back $770 out of $2000 every week, just to cover your federal tax bill.

Of course, the guy who makes $30,000 a year, says, oh hell that would be easy, who couldnt live on $1200 a week.
 

bobcpg

Senior member
Nov 14, 2001
951
0
0
Originally posted by: Sluggo
Originally posted by: WinkOsmosis
Originally posted by: Sluggo
Originally posted by: Marlin1975
Originally posted by: Feldenak
Originally posted by: Sluggo
Freekin' 35% tax rate, how in the world is that fair?

It's not.


How old are you 2, 12?? We have some of the lowwest taxs in the WORLD!!! We have some of the cheapest gas, etc.....

How do you think we pay for roads, military, etc.....


35% is not bad. Oh no I only took home 600K and not 800K.... WWAAAAAA

rolleye.gif

Say that when you have to write the check for $270,000, you will be singing a different tune.

If I had that much money I sure as hell wouldn't cry about taxes.

Say you made $104,000 per year. At what point would YOU start complaining?

$20,000
$30,000
$40,000
$50,000

Now, say the government didnt take the taxes from your paycheck, and you had to properly budget your money so you could write a check for the whole amount on April 15. Would that make a difference?

At the $40,000 level, you would have to set back $770 out of $2000 every week, just to cover your federal tax bill.

Of course, the guy who makes $30,000 a year, says, oh hell that would be easy, who couldnt live on $1200 a week.



Could you live on 1200 a week?