My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.


By Topics

Overall:
0. About (10)
1. My Progress (139)
2. Car & Home (107)
3. Credit (138)
4. Banking (33)
5. Saving (49)
6. Investing (308)
7. Taxes (89)
8. Spending (74)
9. Misc (97)
A. Archive (49)



MONTHLY ARCHIVE

Feb 2014 (3)
Jan 2014 (6)
Jan 2012 (1)
Apr 2011 (1)
Mar 2011 (1)
Feb 2011 (1)
Jan 2011 (1)
Dec 2010 (1)
Oct 2010 (1)
Sep 2010 (1)
Aug 2010 (1)
Jul 2010 (1)
Jun 2010 (1)
May 2010 (1)
Apr 2010 (1)
Mar 2010 (6)
Feb 2010 (2)
Jan 2010 (7)
Dec 2009 (3)
Feb 2009 (4)
Jan 2009 (8)
Dec 2008 (1)
Jun 2008 (2)
May 2008 (2)
Apr 2008 (5)
Feb 2008 (3)
Jan 2008 (15)
Dec 2007 (32)
Nov 2007 (6)
Oct 2007 (8)
Sep 2007 (9)
Aug 2007 (24)
Jul 2007 (2)
Jun 2007 (1)
May 2007 (3)
Apr 2007 (4)
Mar 2007 (4)
Feb 2007 (13)
Jan 2007 (6)
Dec 2006 (3)
Nov 2006 (7)
Oct 2006 (7)
Sep 2006 (6)
Aug 2006 (4)
Jul 2006 (10)
Jun 2006 (1)
May 2006 (3)
Apr 2006 (2)
Mar 2006 (6)
Feb 2006 (6)
Jan 2006 (3)
Dec 2005 (1)
Nov 2005 (9)
Oct 2005 (8)
Sep 2005 (13)
Aug 2005 (25)
Jul 2005 (16)
Jun 2005 (17)
May 2005 (19)
Apr 2005 (20)
Mar 2005 (24)
Feb 2005 (23)
Jan 2005 (36)
Dec 2004 (40)
Nov 2004 (34)
Oct 2004 (17)
Sep 2004 (21)
Aug 2004 (59)
Jul 2004 (37)
Jun 2004 (31)
May 2004 (29)
Apr 2004 (52)
Mar 2004 (49)
Feb 2004 (49)
Jan 2004 (31)
Dec 2003 (48)
Nov 2003 (52)
Oct 2003 (29)
Sep 2003 (8)
Aug 2003 (5)
Jul 2003 (2)
Jun 2003 (2)
May 2003 (5)
Apr 2003 (2)
Mar 2003 (2)
Feb 2003 (3)
Jan 2003 (29)



 

The President's Tax Return (Cont'd)

Contributed by mm | April 18, 2004 11:35 AM PST

Earlier this week, I blogged about the publich disclosure of 2003 tax return by the President, Vice President and next presidential candidata John Kerry. I was only able to comment on some news stories because I failed to find the 1040 forms.

One of my readers kindly pointed me to their tax forms (PDF Files):

George W. Bush's Tax Return
Dick Cheney's Tax Return
John Kerry's Tax Return

These forms are poorly scanned but still contain some more interesting details. For example, in Bush's tax return:

1) Neither George W. Bush nor Laura W. Bush chose to divert $3 of their tax contribution to the Presidential Election Compaign. This is probably because they know they will not benefit from it (in order to use public money, candidates need to limit spending to below 40 million dollars; Bush has already raised more than 100 million dollars).

2) In Schedule B, the First Family reported $14 to $45 interest from Bank of America, Bank One and Wells Fargo. Apparently they have checking account or saving account at each of the banks. Also it seems they don't have much opportunities to use personal money -- the interest they received seems to mean they don't have much balance in those banks.

3) As shown in Schedule B, most of the First Family's interest and ordinary dividends come from The Lone Star Trust (a total fo $395,309 for 2003). It apparently is part of the First Family's estate plan -- details should be contained in K-1 forms, while were not released to the public.

4) Schedule D (Capital Gain and Losses) shows the First Family is still writing off some capital losses inherited from previous years. The family is apparently quite conservative because the only transactions shown in Schedule D are in Treasury papers and The Lone Star Trust. (Another interpretation is the President does not want to have direct interest in publicly traded companies.)

5) In Schedule A (Itemized Deductions), the Family reported a tax preparation fee of $2,820 (box 21). The tax form is actually signed by Northern Trust Co. as trustee of the Family. The 1040 form does not include name and signature in the Paid Preparer spaces. I am not certain whether this creates a conflict.

Anyway, the public disclosure of tax returns are a very important aspect of our democracy. Actually, the disclosed John Kerry's tax returns attracted a few questions and it turns out that the presidential candidate has to amend his tax return and pay $11,577 more in tax year 2003.

By the way, the site www.taxhistory.org archives lots of tax returns disclosed by George W. Bush and ex-Presidents. The site is a wonderful read to understand the tax system developments in this country.

Be the First to Comment on this Post


Add Your Comments










Remember personal information?




(It will take a few moments for your comment to be published. Please do not close the window until then.)


Read More ... 89 Posts In The Same Category










This page was last rebuilt at February 09, 2014 08:31 AM PST. (456 Words)
 

RSS FEED





PERSONAL FINANCE BLOGS I READ

Consumerism Commentary
Get Rich Slowly
My Money Blog
All Financial Matters
The Simple Dollar






.



Copyright 2003-2014, PFBlog.com. All Rights Reserved. (Privacy Policy)