Bushes’ 1988 Income Tax Bill Exceeds $62,000, Return Shows

President Bush and his wife paid more than $62,000 in income taxes in 1988 on income of $287,000, according to their tax return, which was made public by the White House on Wednesday.

The return provides a glimpse of the first family’s wealth, showing income from investments and charitable contributions and disclosing that the Bushes overpaid their taxes by about 50%, or $32,000.

Asked about the whopping overpayment, White House Press Secretary Marlin Fitzwater said that Bush followed a “conservative” approach in making estimated payments, and added: “Maybe he had high ambitions for his blind trust.”

Trust Boosts Income

The trust into which Bush placed his assets when he became vice president in 1981 produced $115,665 in income, $17,985 in dividends, and $22,012 in interest in 1988, more than doubling the $115,000 salary he received as vice president. Under a blind trust, an individual’s assets are managed by a trustee who does not notify the holder of transactions. Bush declared $12,468 in charitable contributions, listing $1,000 donations to the United Negro College Fund, the Combined Federal Campaign fund-raising organization among federal employees, and the American Committee for Tel Aviv Foundation of Encino.

Smaller amounts went to a variety of other organizations, including seven churches, the Biddeford, Me., Boy Scouts, the Philosophical Society of Texas, and Yale University, the President’s alma mater. He also made contributions to the Nature Conservancy, the Sloan Kettering Memorial Cancer Center in New York and the Edward Byrne Foundation, named for a New York City police officer who was slain while protecting a witness in a drug case.

Lists Occupation

Bush made estimated tax payments of $65,404 during 1988, and $29,480 was withheld from his vice presidential salary. His final tax liability was $62,106. On his return, Bush listed his occupation as “President,” although he was vice president throughout the tax year.

Vice President Dan Quayle and his wife, Marilyn, also made public their tax return, disclosing an income of $156,000 and a tax liability of $24,000. They underpaid their taxes by $6,000, leading to a $254 interest penalty.

Quayle listed speaking fees of $52,797, which is $17,270 over the ceiling allowed by law. According to his tax return, the additional money was donated to charities.