Bush Pays ’85 Tax of $31,039; Income Totals $165,821
Vice President George Bush made nearly twice as much money in 1985 as he did the year before and paid well over twice as much in federal income tax, according to a copy of his tax return released Tuesday.
The return showed that Bush and his wife, Barbara, paid $31,039 in tax on an adjusted income of $165,821. In 1984, their adjusted income was $87,239 and they paid $11,737.
In addition to the vice president’s salary of $97,900, the couple’s 1985 income included a $33,987 capital gain from sale of their interest in Ponderosa Forest, an apartment complex in Houston, in which they invested in 1977.
Other income included $13,215 in dividends from investments that have been in a blind trust since Bush became vice president in 1981; $13,123 from rents, royalties and related income, and $8,030 in interest.
The vice president and his wife deducted the maximum contribution of $2,250 to an individual retirement account, plus $93,815 in itemized deductions.
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