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Dick and Lynne Cheney released their 2005 federal income tax returns on Friday. The damage? They are set to receive a refund just shy of $2 million. Yep, a refund!
The Cheneys reported adjusted gross income of nearly $8.82 million, a number largely padded with income they received by exercising stock options that had been set aside in 2001 for charity.
After subtracting the charitable contributions, the Cheneys’ income was $1.95 million on which they owed $529,636 in taxes, according to a statement released by the vice president’s office.
Since the Cheneys paid $2.46 million in withholding and estimated taxes over the year, they were entitled to a refund of about $1.93 million.
Ok, they did give a reported $6.87 million to charity, but it’s interesting that the gift was given in the same year that Bush signed into law the new tax breaks on charitable giving — particularly the bill which allowed individuals and corporations to deduct 100% of all charitable contributions in 2005 (previously the ceiling was set to 50%). Lucky break, wouldn’t you say Dick?
Compared to Cheney, Bush made a poor showing with an adjusted gross income of