Public Papers - 1989
Statement by Press Secretary Fitzwater on President and Mrs. Bush's 1988 Income Tax Return
The President and Mrs. Bush's 1988 tax return shows that they paid ,106 in Federal income tax on an adjusted gross income of 7,171, of which 5,000 was the President's salary as Vice President. In addition to the Vice Presidential salary, the Bushes also reported 5,662 in income from their blind trust: ,147 in interest income and ,362 in income from other sources. A capital loss from the blind trust of ,000 also was reported.
The President and Mrs. Bush claimed ,365 in itemized deductions, which included ,250 in contributions to 39 charities and 8 to charities through the blind trust. The blind trust is managed by Bessemer Trust Company, N.A., New York City.
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 IRS.