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Tuesday, April 18, 2006

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.

6 Comments:

Anonymous Anonymous said...

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.

7:40 PM, April 19, 2006  
Blogger RedJersey1 said...

I see the Cheney's should be in charge of the redistribution of wealth? Left out of this story is how the Cheney's gave away almost a Million to Charity. Just the Facts please.

8:26 AM, April 20, 2006  
Anonymous mrdenis said...

Just another distorted unfactual story....you want a big refund next year, up your witholding ,plain and simple

2:49 PM, April 21, 2006  
Anonymous Anonymous said...

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.

3:13 PM, April 22, 2006  
Blogger Ray said...

Red said: "Left out of this story is how the Cheney's gave away almost a Million to Charity."

Let's not be so naive. This was done as a tax writeoff. Nothing noble about it.

12:04 AM, April 25, 2006  
Blogger RedJersey1 said...

I see the look down the nose at me "Ray" is back. Once again he can not attack the merits of the case, so he attempts to spin it. Never in my statement did I mention the word "noble". With "Ray" inserting it he attempts to distract attention from the issue I raised. It seems "Ray" is an expert all across from grammer, spliting atoms (see his notes on another story), to the Cheneys and thier motives.

9:23 AM, April 30, 2006  

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