The White House disclosed Friday that Vice President Dick Cheney and his wife Lynne reported gross income of $8.82 million for 2005, roughly 12 times what President George W. Bush earned that year. The bulk of the Cheneys' income came from stock options tied to Cheney's former role as chief executive of Halliburton, along with $211,465 in deferred Halliburton payments and a vice-presidential salary of $205,031.
After nearly $6.9 million in charitable contributions, directed mainly to a fund for low-income students and two universities, the couple's net income fell to $1.96 million. They paid $2.46 million in taxes but will receive a refund of $1.96 million because their donations reduced their liability below what they had already paid. Their final federal tax bill stood at $529,636.
Lynne Cheney reported separate earnings from book royalties, including works titled 'A Patriotic Primer' and 'A Time for Freedom,' as well as income from the American Enterprise Institute and a former board position at Reader's Digest.
President Bush and first lady Laura Bush reported net income of $618,694 for 2005, down from $672,788 the prior year. Their $400,000 White House salary was the primary source of income, and charitable gifts of $75,560, including donations for Hurricane Katrina relief and Pakistan earthquake aid, contributed to a federal tax bill of $187,768.
Historical summary. TurkishPress restated this wire report, first published in April 2006, in its own words.