Bush Seeks Income Tax Extension
WASHINGTON (AP) _ Following his usual practice, George W. Bush will seek an extension for filing his federal income tax return while awaiting information from a blind trust that manages his assets, an aide said today.
On Monday, the Republican presidential contender will make an estimated tax payment to cover any money owed to the government, said spokeswoman Mindy Tucker. He will also report how much money he gave to charity in 1999.
He will release his tax returns when they are filed, Tucker said.
Bush is paid over $115,000 annually as governor of Texas. Since he has been campaigning almost full-time this year, he has decided to pay his daily salary _ about $300 _ to Lt. Gov. Rick Perry. Perry assumes gubernatorial power in Bush’s absence.
Since taking office in 1995, Bush has had his assets managed by a blind trust. Such an entity invests money without its beneficiary’s knowledge, a step taken to avoid charges that a person in a position of power is taking actions to benefit his financial holdings.
In a federal disclosure form filed last May, Bush reported that he owned more than $7 million in U.S. Treasury notes and had a blind trust worth more than $1 million.
He also reported he had two money market accounts with a total value of between $600,000 and $1.25 million, three checking accounts with a total value of between $3,000 and $45,000, and no debts.
Such filings are required of all presidential candidates.
Last year was an unusual tax year for Bush and his wife, Laura.
They paid $3.77 million in federal income taxes on an estimated 1998 income of $18.4 million.
The bulk of Bush’s 1998 income came from the sale of the Texas Rangers baseball team, of which he’d been managing partner before his 1994 election as governor.
``I never dreamt I’d write a check that big. Of course, I never dreamt I’d make that much money, either,″ Bush said at the time.