|The White House
President George W. Bush
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For Immediate Release
April 15, 2005
Vice President Dick Cheney and Mrs. Cheney Release 2004 Income Tax Return
FOR MORE INFORMATION CONTACT
Terrence O'Donnell or James T. Fuller
Williams & Connolly LLP
Vice President and Mrs. Cheney filed their federal income tax return for 2004 today. The income tax return shows that the Cheneys owe federal taxes for 2004 of $393,518 on taxable income of $1,328,678. During the course of 2004 the Cheneys paid $290,855 in taxes through withholding and estimated tax payments. The Cheneys paid $102,663 upon filing their tax return.
The wage and salary income reported on the tax return includes the Vice President's $203,000 government salary. In addition, the tax return reports the payment of deferred compensation from Halliburton Company in the amount of $194,852. In December 1998, the Vice President elected to defer compensation earned in calendar year 1999 for his services as chief executive officer of Halliburton. This amount was required be paid in fixed annual installments (with interest) in the five years after the Vice President's retirement from Halliburton. That election to defer income became final and unalterable before Mr. Cheney left Halliburton. The amount of deferred compensation received by the Vice President is fixed and is not affected in any way by Halliburton's current economic performance or earnings. The tax return also reports Mrs. Cheney's wage and salary income from the American Enterprise Institute and compensation from Reader's Digest, on whose board of directors she served until her retirement in 2003.
The Cheneys donated $303,354 to charity in 2004, primarily from Mrs. Cheney's book royalties from Simon & Schuster on her books America: A Patriotic Primer, A is for Abigail: An Almanac of Amazing American Woman, and When Washington Crossed the Delaware: A Wintertime Story for Young Patriots, and the exercise of stock options dedicated to charity pursuant to the Gift Administration Agreement which the Cheneys entered into in January of 2001. The book royalties and the proceeds from the stock options were donated to designated charities on a tax neutral basis.