Imagine getting a $1,798,930 federal refund!

[Free4Life11]

Well that's what Cheney's refund was this year. Good Lord can you imagine getting that check in the mail

Some fun stats (well if you an accoutning nerd like me )

Vice President Cheney:
AGI: $8,819,006
Federal Income Tax: $529,636
Tax Rate: 6% of AGI

President Bush:
AGI: $735,180
Federal Income Tax: $187,768
Tax Rate: 25.5% of AGI

Now before anyone starts a debate about why Cheney's tax rate is so low, "The Cheneys donated just under $6.87 million to charity from the stock options and royalties from Mrs. Cheney’s books."

Kind of fun to know this stuff.

http://msnbcmedia.msn.com/i/msnbc/sections/news/060414_bush_taxes.pdf
http://msnbcmedia.msn.com/i/msnbc/sections/news/060414_cheney_taxes.pdf

 

[Charade]

My adjusted tax rate was only about 11 percent last year. Mostly because of mortgage interest.

 

[S. C.]

That would be a Looong stay at disney for me.

 

[LuvN~Travel]

What got me though, is that the Bushes paid more in taxes, than my DH and I make combined for two years! Now I feel poor!
Kim

 

[cjb71870]

The Cheneys got the refund check because they over paid on their taxes. But, then I thought don't alot of people over pay on accident. And don't get a check back for the correction? I think so.

 

[DVC Sadie]

The Cheneys got the refund check because they over paid on their taxes. But, then I thought don't alot of people over pay on accident. And don't get a check back for the correction? I think so.

We also overpaid our estimated taxes for last year so we got a refund of over 12,000.00. They did send a ammended statement and check to us.

 

[AllyandJack]

OK....how can Cheney take all of these deductions? I get whacked every year with the AMT and can't take most of my deductions. How does he get his taxable low enough to only pay 6%?! Is Turbo Tax doing something wrong?!?

 

[DVC Sadie]

OK....how can Cheney take all of these deductions? I get whacked every year with the AMT and can't take most of my deductions. How does he get his taxable low enough to only pay 6%?! Is Turbo Tax doing something wrong?!?

I don't know about you but I think I need to look for a new certified tax accountant. We are paying 33% of earned income and we donate a lot to charities.

 

[mom2boys]

What got me though, is that the Bushes paid more in taxes, than my DH and I make combined for two years! Now I feel poor!
Kim

Don't feel bad. I USED to work for the IRS. I would actually see tax return with a mortgage interest deduction higher than my annual salary. Since that info is reported to the IRS by the banks, it is easily verified was never the audit trigger.

 

[ChrisnSteph]

Between State and Federal, we got back over $21,000. I felt like we won the lottery!

 

[AnaheimGirl]

I used to do taxes and would hear all the complaints from the super-rich about having to pay half a million or more with their returns or as an estimated tax payment. Used to drive me nuts, because I WISH I had to pay a million or so in taxes!! That would mean I was making at least 2 or 3 times that!

 

[Andrea]

this year we moved up so many tax brackets and we really didnt have any deductions we had to pay over $4,000.00 this year. And they take a lot of money out of our checks for taxes... grrr