President George W. Bush and his wife, Laura, paid $187,768 in federal income taxes for the 2005 on total income of $618,694, the White House said on Friday according to Reuters. Vice President Dick Cheney and his wife, Lynne, reported taxable income for 2005 that was more than three times that of the Bushes, $1,961,157, on which they owe $529,636 in federal taxes. The Cheneys' adjusted gross income in 2005 was $8,819,006, which his office said was largely the result of the exercise by an independent gift administrator of stock options that had been irrevocably set aside in 2001 for charity. The Cheneys had donated $6,869,655 to charity in 2005 from the exercise of these stock options under the terms of their gift agreement and from Mrs. Cheney's royalties from three historical books for young people. Bush's 2005 income went down from the $784,219 in income from the 2004 tax year. His income included his $400,000 salary earned as president and investment income from the trusts in which their assets are held. --SP 23 47 Local Time 20 47 GMT
