The Cheneys' tax refund
Those of us who had to pay the IRS this tax season have to envy President Bush and Vice President Cheney. They make a whole lot more than most of us, but each is entitled to a refund.
The Bushes had an adjusted gross income of $735,180 and paid $187,768 in federal taxes. After taking into account withholding and estimated tax payments, they still overpaid the government by about $39,000. But they're not pocketing the refund. They're applying it to their estimated tax payments for 2006.
It's a different - and much larger - story with the Cheneys. Their adjusted gross income was $8.82 million, inflated by exercising some stock options. They paid $527,636 in federal taxes. But their withholding and estimated tax payments mean they overpaid the government by $1.9 million. After applying $200,000 as their estimated tax, they're getting a refund of a mere $1.7 million.
The Cheneys don't really need the money. But there is a fund that really needs help: the federal debt. Wouldn't it be great if Cheney set an example for all multimillionaires by kicking in to trim our national deficit? After all, he did have something to do with it.
The Bushes had an adjusted gross income of $735,180 and paid $187,768 in federal taxes. After taking into account withholding and estimated tax payments, they still overpaid the government by about $39,000. But they're not pocketing the refund. They're applying it to their estimated tax payments for 2006.
It's a different - and much larger - story with the Cheneys. Their adjusted gross income was $8.82 million, inflated by exercising some stock options. They paid $527,636 in federal taxes. But their withholding and estimated tax payments mean they overpaid the government by $1.9 million. After applying $200,000 as their estimated tax, they're getting a refund of a mere $1.7 million.
The Cheneys don't really need the money. But there is a fund that really needs help: the federal debt. Wouldn't it be great if Cheney set an example for all multimillionaires by kicking in to trim our national deficit? After all, he did have something to do with it.
posted by Larry Benjamin at 2:16 PM
3 Comments:
Isn't it so, that ALL Americans are equal. They are each paying taxes based upon the same factors as each and every American citizen alike. Taxes and all other American privileges should apply to every American equally - Bush and Cheney are American citizens and should pay their share and only their share - not more... not less.
Just another distorted unfactual story....you want a big refund next year, up your witholding ,plain and simple
Wasn't it Al Gore who made millions while he was vice president and gave $250 to charity?Seems to me all those liberals who cry about raising more taxes should send their overpayment back to the IRS.
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