Bush’s ’87 Tax Bill Is 28% on a Total Income of $308,396

Vice President George Bush and his wife Barbara paid $86,684 in 1987 income taxes on a total income of $308,396, according to a tax return released by his office on Thursday.

That compares to the $115,486 that the Bushes reported paying for 1986 on total income of $348,594.

Bush’s tax bill amounted to 28% of his total income in 1987, down from the 33% he paid in 1986, showing that he, as have President Reagan and many other Americans, benefited from the sweepi18522522761987 taxes.

Bush’s income included his $112,633 salary as vice president and $2,048 in additional reimbursement from the government.

His biggest chunk of outside income came from the blind trust he and his wife set up when he took office, totaling $169,600--including $26,075 in capital gains, $31,264 in interest and dividends and $112,261 in supplemental income.

Precisely where this money came from was not detailed, under terms of the blind trust agreement. Aides have said previously that the trust is valued at about $1 million.

Bush also reported $20,773 in “passive income” from his interest in a liquefied natural gas barge.

The main reason his total income was lower was that he had a much lower level of capital gains--income from sales of assets, property or stock.

The Bushes claimed total deductions for 1987 of $53,314, including $12,225 in contributions to 35 charities.