[Public Papers of the Presidents of the United States: George H. W. Bush (1992, Book I)]
[April 15, 1992]
[Pages 606-607]
[From the U.S. Government Publishing Office www.gpo.gov]



Statement by Press Secretary Fitzwater on the President's Federal Income 
Tax Return

April 15, 1992
    The President and Mrs. Bush paid $204,841 in Federal income taxes in 
1991.
    They donated $789,176 in income (minus taxes) from ``Millie's Book'' 
to the Barbara Bush Literary Foundation. The total royalty income 
(including taxes paid) was $889,176, bringing their adjusted gross 
income to $1,324,456.
    In addition to the President's salary of $200,000, the Bushes 
reported $197,047 in income from their blind trust, $1,151 in interest 
income, and $1,359 from other sources. A net long-term capital gain of 
$49,669 was reported from the blind trust, less a short-term capital 
loss carryover from the prior year of $8,822. The blind trust is managed 
by Bessemer Trust Co., N.A., New York City.
    The President and Mrs. Bush made total charitable contributions in 
1991 of $818,803. Of this amount, $818,126 was given by them 
individually to 48 charities and $677 was given to charities through the 
blind trust. Because Federal tax law allows a deduction of up to 50 
percent of adjusted gross income, their charitable deduction was limited 
to $662,228. This produced a contribution carryover of $156,575, which 
will be available for use in their 1992 tax return. A list of the 48 
charities is included in the tax return.
    The President's and Mrs. Bush's tax

[[Page 607]]

return has been reviewed by the Office of Government Ethics and will be 
filed in the Philadelphia Regional Office of the Internal Revenue 
Service.