Bush/Cheney tax time

[randym431]

"How to frame a fig", How did you make $100,000 on a $5000 a year income?

Text

WASHINGTON - President Bush and the first lady paid $186,378 in federal taxes on their income of $765,801 for last year. Vice President Dick Cheney and his wife made twice as much and paid the tax man about $50,000 more than they owed.

Bush's salary as president is about $400,000. Cheney's salary is slightly over $200,000.

 

[IronWing]

I don't understand your point. Could you expand?

 

[Whoozyerdaddy]

I don't understand the OP...

Some people make money from sources outside of their day-jobs. When you're wealthy you have stock portfolios and other investments that make money (hopefully). You have to pay tax on that income.

 

[EXman]

Looks Like President bush got to his tithe or at least close! good one.

I heard this also on the radio today as well.

 

[Lemon law]

Guess it just goes to show us---Dick Cheney is way smarter than GWB.

 

[BigJelly]

Originally posted by: Lemon law
Guess it just goes to show us---Dick Cheney is way smarter than GWB.

VP is more generous...
Bush gave 80k last year whereas Dick gave 8 million since he became VP

EDITED:
Source

President Bush and the first lady, Laura Bush, gave a total of $75,560 to churches and charitable organizations, some of which were involved in disaster relief efforts following Hurricane Katrina. The Bush gifts represented 12 percent of their taxable income of $618,694.

Vice President Cheney and his wife, Lynne Cheney, donated $6,869,655 to three organizations from the exercise of stock options and from Mrs. Cheney's book royalties.

 

[techs]

Hmmm. Bush made 760,000 and paid federal taxes of 180,000. Which gives him a federal tax rate of 24 percent. Hey, I know people who make 95,000 and pay more than 24 percent.
Guess the rich really avoid taxes better than most. I say lets roll back the tax cuts on the top 10 percent. Than maybe Bush will pay the same percentage as someone making 95,000.

 

[Genx87]

Originally posted by: techs
Hmmm. Bush made 760,000 and paid federal taxes of 180,000. Which gives him a federal tax rate of 24 percent. Hey, I know people who make 95,000 and pay more than 24 percent.
Guess the rich really avoid taxes better than most. I say lets roll back the tax cuts on the top 10 percent. Than maybe Bush will pay the same percentage as someone making 95,000.

That 75K in donations help offset and lower their effective tax rate. Without the donations they are at a 34% tax rate.

 

[mfs378]

Originally posted by: Genx87

Originally posted by: techs
Hmmm. Bush made 760,000 and paid federal taxes of 180,000. Which gives him a federal tax rate of 24 percent. Hey, I know people who make 95,000 and pay more than 24 percent.
Guess the rich really avoid taxes better than most. I say lets roll back the tax cuts on the top 10 percent. Than maybe Bush will pay the same percentage as someone making 95,000.

That 75K in donations help offset and lower their effective tax rate. Without the donations they are at a 34% tax rate.

No, you are wrong. You must not have ever filled out your own taxes before.

His effective tax rate is 186,378/(765,801-78,100) = 27.1%

Cheney must be paying his accountants more, they got his rate down to 413326/1600000 = 25.8%

Its good to be rich.

 

[Stunt]

The more investments a person has, the lower the effective tax rate.
Income is taxed far more than capital gains and dividends.

This is why Jobs can afford to get paid $1 and still be worth $1.6 billion.

 

[Genx87]

Originally posted by: mfs378

Originally posted by: Genx87

Originally posted by: techs
Hmmm. Bush made 760,000 and paid federal taxes of 180,000. Which gives him a federal tax rate of 24 percent. Hey, I know people who make 95,000 and pay more than 24 percent.
Guess the rich really avoid taxes better than most. I say lets roll back the tax cuts on the top 10 percent. Than maybe Bush will pay the same percentage as someone making 95,000.

That 75K in donations help offset and lower their effective tax rate. Without the donations they are at a 34% tax rate.

No, you are wrong. You must not have ever filled out your own taxes before.

His effective tax rate is 186,378/(765,801-78,100) = 27.1%

Cheney must be paying his accountants more, they got his rate down to 413326/1600000 = 25.8%

Its good to be rich.

I wrote that incorrect. What I was trying to convey was his donations lowered his taxable income.

 

[BrunoPuntzJones]

Without seeing the 1040s and other schedules it's worthless news.

Taxable income doesn't mean much without knowing what the other schedules show.

$10 million in oil & gas income on schedule C, then a $10 million loss on a farm on schedule F (depreciation on all that "farm" equipment and fuel for the "farm" was expensive this year). Nets 0 and just has salary to pay tax on.

Need more info.

 

[WiseOldDude]

Originally posted by: Lemon law
Guess it just goes to show us---Dick Cheney is way smarter than GWB.

Well how hard is that :disgust:

 

[ntdz]

Originally posted by: randym431
"How to frame a fig", How did you make $100,000 on a $5000 a year income?

Text

WASHINGTON - President Bush and the first lady paid $186,378 in federal taxes on their income of $765,801 for last year. Vice President Dick Cheney and his wife made twice as much and paid the tax man about $50,000 more than they owed.

Bush's salary as president is about $400,000. Cheney's salary is slightly over $200,000.

Obviously you haven't heard of investments or income from sources other than your "official work."

 

[blackangst1]

Originally posted by: techs
Hmmm. Bush made 760,000 and paid federal taxes of 180,000. Which gives him a federal tax rate of 24 percent. Hey, I know people who make 95,000 and pay more than 24 percent.
Guess the rich really avoid taxes better than most. I say lets roll back the tax cuts on the top 10 percent. Than maybe Bush will pay the same percentage as someone making 95,000.

How many of those you know at 95k utilize tax shelters available to him? My guess is ZERO. It's not a conspiracy. It's stupidity for not using them.