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White House Tax Windfall | The Nation

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White House Tax Windfall

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How much does the White House stand to save from Bush's tax cut? The chart shows the income and assets of top Administration officials before they took office, as reported in forms filed with the Office of Government Ethics (most are reported in ranges; Bush and Cheney made their exact 2000 incomes public by releasing their tax returns). Estimated tax cuts were then calculated by Citizens for Tax Justice, assuming the full implementation of the tax cut that Congress approved in May.

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George W. Bush, President
2000 INCOME: $894,880
EST. INCOME TAX SAVINGS: $23,000
ASSETS: $11,080,000--$29,593,000
EST. ESTATE TAX SAVINGS: $4,100,000--$14,000,000

Dick Cheney, Vice President
2000 INCOME: 36,086,635
EST. INCOME TAX SAVINGS: 1,700,000
ASSETS: 20,316,000--86,752,000
EST. ESTATE TAX SAVINGS: 8,600,000--43,000,000

Paul O'Neill, Treasury
2000 INCOME: 60,927,149--67,827,249
EST. INCOME TAX SAVINGS: 3,200,000--3,500,000
ASSETS; 62,166,000--152,040,000
EST. ESTATE TAX SAVINGS: 30,000,000--75,000,000

Donald Rumsfeld, Defense
2000 INCOME: 17,344,380--53,175,480
EST. INCOME TAX SAVINGS: 590,000--890,000
ASSETS: 61,081,000--242,749,000
EST. ESTATE TAX SAVINGS: 27,000,000--120,000,000

Colin Powell, State
2000 INCOME: 9,617,178--21,684,678
EST. INCOME TAX SAVINGS: 470,000--1,000,000
ASSETS: V19,523,000--68,949,000
EST. ESTATE TAX SAVINGS: 8,300,000--34,000,000

Donald Evans, Commerce
2000 INCOME: 5,808,799--11,073,399
EST. INCOME TAX SAVINGS: 0--38,000
ASSETS: 11,429,000--45,072,000
EST. ESTATE TAX SAVINGS: 4,100,000--22,000,000

Elaine Chao, Labor
2000 INCOME: 654,070--800,670
EST. INCOME TAX SAVINGS: 29,000--36,000
ASSETS: 2,763,000--6,429,000
EST. ESTATE TAX SAVINGS: 110,000--1,700,000

Anthony Principi, Veterans Affairs
2000 INCOME: 238,670--287,470
EST. INCOME TAX SAVINGS: 6,000--7,000
ASSETS: 1,624,000--3,638,000
EST. ESTATE TAX SAVINGS: 0--150,000

Rod Paige, Education
2000 INCOME: 431,885--528,785
EST. INCOME TAX SAVINGS: 16,000--20,000
ASSETS: 1,101,000--2,915,000
EST. ESTATE TAX SAVINGS: 0--750,000

Gale Norton, Interior
2000 INCOME: 289,900--308,600
EST. INCOME TAX SAVINGS: 7,100--7,300
ASSETS: 207,000--681,000
EST. ESTATE TAX SAVINGS: 0--0

Tommy Thompson, H&HS
2000 INCOME: 318,461--439,761
EST. INCOME TAX SAVINGS: 2,960--5,170
ASSETS: 1,436,000--3,845,000
EST. ESTATE TAX SAVINGS: 0--620,000

Melquiades Martinez, HUD
2000 INCOME: 387,255--1,518,555
EST. INCOME TAX SAVINGS: 2,700--9,800
ASSETS: 1,568,000--4,002,000
EST. ESTATE TAX SAVINGS: 0--690,000

Norman Mineta, Transportation
2000 INCOME: 290,232--1,205,232
EST. INCOME TAX SAVINGS: 4,290--7,170
ASSETS: 220,000--655,000
EST. ESTATE TAX SAVINGS: 0--0

John Ashcroft, Attorney General
2000 INCOME: 254,194--387,594
EST. INCOME TAX SAVINGS: 6,650--10,200
ASSETS: 1,143,000--3,296,000
EST. ESTATE TAX SAVINGS: 0--410,000

Ann Veneman, Agriculture
2000 INCOME: 209,040--307,240
EST. INCOME TAX SAVINGS: 4,000--8,300
ASSETS: 680,000--1,953,000
EST. ESTATE TAX SAVINGS: 0--290,000

Spencer Abraham, Energy
2000 INCOME: 172,600--257,300
EST. INCOME TAX SAVINGS: 4,400--6,670
ASSETS: 224,000--664,000
EST. ESTATE TAX SAVINGS: 0--0

ALL
2000 INCOME: $133,925,328-- 196,783,528
EST. INCOME TAX SAVINGS: $6,066,100--7,268,610
ASSETS: $196,561,000--653,233,000
EST. ESTATE TAX SAVINGS: $82,210,000--312,610,000

Note: Income includes earned salaries and fees, as well as capital gains receipts, interest and dividends. For Thompson, Mineta, Abraham and Ashcroft, spousal salaries have not been disclosed. The Senate salaries of Abraham, Ashcroft and Chao's husband, Senator Mitch McConnell, are estimated at $133,600. Assets include the securities, equity and property owned by the officials and their spouses in the year before they filed their forms. All Cabinet members filed in January 2001, while Bush and Cheney filed their returns during the campaign. The tax-cut calculations also include disclosed liability estimates, which did not include mortgages on personal residences, loans secured by certain property and liabilities owed to certain relatives.

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