Public Papers - 1990
Statements by Press Secretary Fitzwater on the President's Federal Income Tax Return
The President and Mrs. Bush's 1989 tax return shows that they have paid 1,382 in Federal income tax on an adjusted gross income of 6,780, of which 9,167 was the President's salary.
In addition, the President received ,229 as salary while serving as Vice President during 1989. The Bushes also reported 8,274 in income from their blind trust, 4 in interest income, and ,238 in income from other sources. A net long-term capital gain from the blind trust of ,068 was also reported. The blind trust is managed by Bessemer Trust Co., N.A., New York City.
The President and Mrs. Bush claimed ,702 in itemized deductions, which included ,272 in contributions to 39 charities and 4 to charities through the blind trust. The net royalties received in 1989 of ,282 from the President's book, ``Looking Forward,'' were given to charitable organizations included in this list.
The President and Mrs. Bush's tax return has been reviewed by the Office of Government Ethics and will be filed in the Philadelphia regional office of the Internal Revenue Service.
Under section 212 of the U.S. Tax Code, the President is allowed to deduct the ,000 salary as listed under the miscellaneous deductions box on statement A - 1 of his 1989 tax return. This deduction has been part of the President's tax returns for the past 8 years and has been subject to annual Internal Revenue Service audits over that time.
Note: Press Secretary Fitzwater issued two separate statements during the day.