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Bushes, Cheneys Reaped Tax Benefits
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Contributor | Gerald Farinas |
Last Edited | Gerald Farinas Apr 13, 2004 04:55pm |
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Category | News |
Media | News Service - Associated Press |
News Date | Tuesday, April 13, 2004 06:00:00 AM UTC0:0 |
Description | Bushes, Cheneys Reaped Tax Benefits
The Honolulu Advertiser
President Bush and Vice President Dick Cheney reaped tax benefits last year from the cuts that they pushed through Congress and that Democrats have criticized as a boon to the rich. The government's top two executives, both wealthy men, paid smaller shares of their income in federal taxes in 2003 than in the year before, according to returns released Tuesday by the White House. Bush and his wife, Laura, paid $227,490 in federal income taxes - or about 28 percent of their $822,126 in adjusted gross income. For 2002, the Bushes paid about 31 percent of their adjusted gross income - which was slightly higher at $856,056 - in federal taxes, for a total of $268,719. The difference from one year to the next was even more pronounced for Cheney. He and his wife, Lynne, owed $253,067 in 2003 federal taxes - about 20 percent of their $1.3 million in adjusted gross income. In 2002, the Cheneys earned more but paid less, owing 29 percent - or $341,114 - of their $1.2 million in income.
Bob McIntyre, director of Citizens for Tax Justice, a liberal advocacy group whose statistical analyses are respected by mainstream economists, analyzed the returns and found the Bush-backed tax cuts saved the president nearly $31,000 on his 2003 bill over what he would have paid if there had been no cuts. "What can you say? They're rich, so you'd expect them to benefit from a tax cut for the rich," McIntyre said. |
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