US President George W. Bush paid an effective tax rate of 29% on his income in 2006 according to data on his tax return, which was released by the White House last week.
The President and Mrs. George W. Bush reported taxable income of $642,905 for the tax year 2006, resulting in a total federal tax bill of $186,378. Currently, the President's salary is set at $400,000 per year, but he also derives some income from investments and other assets held in trust.
The Bushes also paid $27,474 in state property taxes on their ranch in Crawford, Texas, about $1,000 more than the previous year.
The President and Mrs. Bush contributed $78,100 to churches and charitable organizations, including the Crawford Volunteer Fire Department, the Federal Government's Combined Federal Campaign, Operation Smile, Martha's Table, the Salvation Army, Susan G. Komen Foundation, and the Yellow Ribbon Support Center.
Meanwhile, Vice President Dick Cheney and his wife reported gross income for 2006 of $1.8 million, and paid $464,789 on taxable income of 1.6 million - more than $50,000 in excess of their actual tax bill of $413,326. Instead of claiming the refund, the Cheneys will apply the overpayment to their tax bill for 2007. The Vice President's salary is $200,000 per year.
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