Vice President Dick Cheney and his wife Lynne held millions of dollars of investments in tax-exempt bond and money market funds last year, while President Bush and his wife Laura reported no tax-exempt debt for the eighth year in a row.
The information comes from the 2007 tax returns of the nation's top two officials, portions of which the White House released late Friday.
The Cheneys reported $342,758 of tax-exempt interest. The White House publicly released the Cheneys' two-page 1040 form, but not the Schedule B accompanying the form, which would include details of the investments. However, a lawyer representing the vice president said that the tax-exempt interest comes from four bond funds in which the Cheneys have invested: a short-term tax-exempt fund, a tax-exempt cash management fund, and two tax free money market funds. He declined to provide the amounts.
According to their return, the Cheneys owe federal taxes of $602,651 on taxable income of almost $2.53 million for 2007. During the year, they paid $466,165 in taxes through withholding and estimated tax payments. They expect to pay the remaining $136,486 when they file their return.
The wage and salary income reported on their tax return includes the vice president's $212,208 government salary, as well as Mrs. Cheney's book royalty income and her salary from her work at the American Enterprise Institute, according to the White House.
The return also includes a pension benefits of $32,500 for the vice president, which he received as a former director of Union Pacific Corp., and $32,000 for Mrs. Cheney, which she received as a former director of Reader's Digest.
The Cheneys donated $166,547 to charity in 2007, according to the White House.
The Bushes reported no tax-exempt interest. They paid $221,635 of federal income taxes on taxable income of $719,274 for the 2007 tax year, according to the White House.
The income reported by the president and Mrs. Bush includes the president's salary of almost $400,000, as well as investment income from the trusts in which the Bushes assets are held, according to administration aides.
Their tax return also reported a $150,000 advance that Mrs. Bush received for the children's book she co-authored with her daughter Jenna. Mrs. Bush donated all of the net proceeds from the advance to Teach for America and the New Teacher's Project.
The Bushes contributed $165,600 to churches and charitable organizations.
