Toggle Menu

White House Tax Windfall

How much does the White House stand to save from Bush's tax cut?

The Nation

June 7, 2001

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.

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.

The NationTwitterFounded by abolitionists in 1865, The Nation has chronicled the breadth and depth of political and cultural life, from the debut of the telegraph to the rise of Twitter, serving as a critical, independent, and progressive voice in American journalism.


Latest from the nation