Public Papers - 1992
Statement by Press Secretary Fitzwater on the President's Federal Income Tax Return
The President and Mrs. Bush paid 4,841 in Federal income taxes in 1991.
They donated 9,176 in income (minus taxes) from ``Millie's Book'' to the Barbara Bush Literary Foundation. The total royalty income (including taxes paid) was 9,176, bringing their adjusted gross income to ,324,456.
In addition to the President's salary of 0,000, the Bushes reported 7,047 in income from their blind trust, ,151 in interest income, and ,359 from other sources. A net long-term capital gain of ,669 was reported from the blind trust, less a short-term capital loss carryover from the prior year of ,822. The blind trust is managed by Bessemer Trust Co., N.A., New York City.
The President and Mrs. Bush made total charitable contributions in 1991 of 8,803. Of this amount, 8,126 was given by them individually to 48 charities and 7 was given to charities through the blind trust. Because Federal tax law allows a deduction of up to 50 percent of adjusted gross income, their charitable deduction was limited to 2,228. This produced a contribution carryover of 6,575, which will be available for use in their 1992 tax return. A list of the 48 charities is included in the tax return.
The President's 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.