For Immediate Release
Office of the Vice President
April 13, 2004
Vice President Dick Cheney and Mrs. Cheney Release 2003 Income Tax Return
April 13, 2004
FOR MORE INFORMATION CONTACT
Terrence O'Donnell
or James T. Fuller
of Williams & Connolly LLP
at (202) 434-5000
VICE PRESIDENT DICK CHENEY AND MRS. CHENEY
RELEASE 2003 INCOME TAX RETURN
Vice President and Mrs. Cheney filed their federal income tax
return for 2003 today.
The income tax return shows that the Cheneys owe federal taxes for
2003 of $253,067 on taxable income of $813,226. During the course of
2003 the Cheneys paid $258,779 in taxes through withholding and
estimated tax payments. The Cheneys elected to apply the resulting
$5,712 tax overpayment to their 2004 estimated tax payments.
The wage and salary income reported on the tax return includes the
Vice President's $198,600 government salary. In addition, the tax
return reports the payment of deferred compensation from Halliburton
Company, in the amount of $178,437. In December 1998, the Vice
President elected to defer compensation earned in calendar year 1999
for his services as chief executive officer of Halliburton. This
amount is to be paid in fixed annual installments (with interest) in
the five years after the Vice President's retirement from Halliburton.
That election to defer income became final and unalterable before Mr.
Cheney left Halliburton. The amount of deferred compensation received
by the Vice President is fixed and is not affected by Halliburton's
current economic performance or earnings in any way. In addition, the
Vice President purchased, with his personal funds, an insurance policy
that guarantees that he will receive the amount that is owed to him
even if Halliburton is unable to make the deferred compensation
payments.
The tax return also reports Mrs. Cheney's wage and salary income
from her continuing work at the American Enterprise Institute and
compensation from Reader's Digest, on whose board of directors she
served in 2003. The Cheneys donated $321,141 to charity in 2003,
primarily from donations of Mrs. Cheney's royalties from Simon &
Schuster on her books America: A Patriotic Primer and A is for Abigail,
as well as her forthcoming book titled Fifty States.
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