Bushes’ tax bite: $221,635

The federal tax bill for President Bush and his wife in 2007 was $221,635.

That’s how much the Bushes owed on their adjusted gross income of $923,807 that year, according to a joint return released Friday.

The Bushes have paid $203,894 so far, which means they owe the government $17,741.

Their income total includes a $150,000 advance received by Laura Bush for the children’s book she co-wrote with her daughter Jenna. Last year, the Bushes paid $186,378 in federal taxes on income of $765,801.

Bush’s salary as president is $400,000.

Almost 29% of the Bushes’ income is from interest on investments. The largest share of that interest was from one place, Lone Star Trust, according to the return released by the White House.

The White House also reported that Vice President Dick Cheney and his wife, Lynne, had an adjusted gross income of $3.04 million in 2007.

The Cheneys owed $602,651 in federal taxes on that income. They have paid $466,165 through withholdings and estimated tax payments and will pay the remaining $136,486 upon filing their tax return.

The Cheneys’ income includes the vice president’s salary and a pension he gets as a former director of Union Pacific Corp. It also includes Lynne Cheney’s book royalty income, a salary from her work at the American Enterprise Institute and a pension she gets as a former director of Reader’s Digest.

The vice president’s salary was $212,000 in 2007.