-Caveat Lector- How much will YOU get out of this tax cut??? J2 ============================================= Bush, Cheney Report 2000 Earnings By SCOTT LINDLAW .c The Associated Press CRAWFORD, Texas (April 13) - - President Bush reported earning $894,880 last year, while Vice President Dick Cheney took in $36 million, according to income-tax documents released Friday. The Bush family paid $240,342 in federal taxes, the Cheneys $14.3 million. Bush released a federal Form 1040, without attachments. Cheney released only a summary prepared by the White House. The information was released in Crawford, Texas, where the president is spending the weekend. The Bushes reported donating $143,300 to charity, including $75,000 in royalties from his biography published during the presidential campaign last year, ''A Charge to Keep.'' The book sale proceeds went to four organizations: Boy Scouts of America, Girl Scouts of America, Boys and Girls Clubs of America and Girls Inc. The Cheneys donated stock options worth $7.8 million to three beneficiaries: Capital Partners for Education, which provides educational assistance to low-income children in Washington; George Washington University Medical Faculty Associates, the hospital where he has been treated for his heart condition; and the University of Wyoming, in Cheney's home state. They also donated $41,646 to other, unspecified, charities. Cheney's tax total put him in the rarified realm of the top 39.6 percent tax bracket, which Bush wants to eventually reduce to 33 percent. Bush's effective tax rate came to about 27 percent. Both Cheney and Bush would stand to get a sizable tax cut under the president's 10-year, $1.6 trillion tax relief plan. According to a ''tax calculator'' on the Web site of the conservative Heritage Foundation, Bush would get a tax cut of $38,979 using his 2000 reported income. That's a 16.2 percent cut. Figuring Cheney's potential tax cut precisely is more difficult because he did not disclose how much in itemized deductions he claimed this year. But using the small standard deduction of $7,350, the calculator estimates Cheney's tax cut under the Bush plan at more than $2.3 million, a 16.1 percent cut. The bulk of Bush's income came from $549,236 in interest from investments, held in state and federal blind trusts. He also reported $138,358 in capital gains. Bush reported earning $70,554 in salary. Bush was governor of Texas until resigning in December. Bush took $150,198 in deductions, but did not publicly disclose what they were. ''This is the standard manner in which he has always released his taxes,'' said White House spokesman Ari Fleischer. The Bushes were entitled to a federal income tax refund of $244,534. They elected to apply about half - $127,220 - to their 2001 tax bill. They were repaid the difference of $117,314. Bush reported making $474,917 in estimated tax payments and payments applied from his 1999 return, but his tax came to only $240,342 - meaning he overpaid by $244,534 counting the $9,959 that was withheld from his governor's salary. Bush decided to take a refund of $117,314 and apply the remaining $127,220 toward next year's return. Most of Cheney's income came when he exercised stock options and sold stock in Halliburton Co., the Dallas-based energy services firm he headed until late in the presidential campaign. The White House did not specify precisely how much Cheney earned from that. The vice president received $4.3 million in deferred compensation and bonuses. He reported $806,332 in salary. Cheney sold part of his stock to avoid raising conflict-of-interest questions, and he reported sustaining a $1.9 million loss. By federal law, some of those losses will have to be carried to future tax years, the White House said. He also reported $823,509 in capital gains. There was no mention of Cheney tax deductions in the statement released by the White House. Last year, former President Clinton and former Vice President Al Gore released more extensive tax information, including detailed accounts of their deductions, investments and interest income. By releasing only the two-page Form 1040, Bush gave no details on how he made $549,236 in taxable interest or $138,358 in capital gains - typically from investments - or what made up his $150,198 in itemized deductions. AP-NY-04-13-01 2053EDT <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. 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