|The White House
President George W. Bush
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For Immediate Release
Office of the Press Secretary
April 15, 2002
Vice President and Mrs. Cheney Release 2001 Income Tax Return
Vice President Dick Cheney and Mrs. Cheney announced today that they have filed their federal income tax return for 2001 today.
The income tax return shows that for 2001, the Cheneys owe federal taxes of $1,720,271 on a taxable income of $4,308,142. $1,740,798 had been previously withheld or otherwise paid, and the Cheneys elected to apply the resulting overpayment to their 2002 estimated tax payments.
Included in the wage and salary income reported on the tax return is the Vice President's $174,475 government salary and $1,598,977 in bonus or deferred compensation earned by Mr. Cheney from Halliburton Company where Mr. Cheney served as chief executive officer until he resigned on August 16, 2000. As previously reported in Halliburton's 2001 proxy statement, in the Vice President's filings with the Office of Government Ethics, and in the press release accompanying the Cheneys? 2000 tax return, in January 2001 Mr. Cheney received from Halliburton a cash bonus of $1,451,398 based on calendar year 2000 results. An additional $1,184,597 in income resulted from the exercise of stock options and receipt of deferred compensation in January, 2001 as Mr. Cheney disposed of holdings and terminated relationships with companies on whose boards of directors he had served before becoming Vice President. Likewise, in January 2001 Mrs. Cheney received lump sum payments of deferred compensation from several companies from whose boards she has resigned.
Mrs. Cheney reported wage and salary income from her continuing work at the American Enterprise Institute, as well as compensation from Reader's Digest and American Express Mutual Funds (Board Services Corporation) on whose boards of directors she serves. Mrs. Cheney also received $50,000 from Simon and Schuster as an advance on royalties from her upcoming book, America: A Patriotic Primer. This amount was donated to the American Red Cross. The total donated to charitable organizations by the Cheneys in 2001 was $79,275.
The Vice President and Mrs. Cheney reported $136,446 in short-term capital gains, which were off-set by short-term capital losses that were carried over from previous tax years. The Cheneys also reported $929,010 in long-term capital gains, including $310,839 from the sale of a residence in McLean, Virginia. The majority of the transactions that resulted in both the short-term and long-term gains and losses occurred before January 20, 2001.