Clintons Paid $62,670 in 1993 Federal Tax
Apr. 16, 1994
WASHINGTON (AP) _ President Clinton and Hillary Rodham Clinton paid $62,670 in federal taxes on an adjusted gross 1993 income of $293,757, their tax return showed Friday. For Clinton, it was his biggest salary ever.
The Clintons joined millions of other Americans in filing at the last minute.
Accounting for most of the income was Clinton's salary as president. But, $2,473 represented residual payments from his sax-playing appearance on the Arsenio Hall television show during the 1992 campaign.
The return also showed a $40,000 capital gain, generated by a blind trust that contains the Clintons' assets, including funds Mrs. Clinton received when she left the Rose Law Firm of Little Rock.
Because of overpayments, the Clintons were entitled to a refund of $7,862. They elected to put it toward their 1994 taxes.
It was the first time since Clinton began his public career in 1979 as attorney general of Arkansas that he earned more than his wife, a corporate lawyer who had long been the family' main breadwinner.
Of the total family income in 1993, the bulk of it is the president's salary of $189,167 - covering the period from Jan. 20 when he was inaugurated through the end of the year. A full year's presidential salary is $200,000.
The Clintons were among the 1.2 percent of Americans that the administration says are paying higher taxes as a result of last year's deficit-reduction package sponsored by the president. Generally, families with adjusted gross incomes over about $180,000 are subject to the higher rates.
Paying even more in taxes were Vice President Al Gore and his wife Tipper. They paid $153,744 in taxes on adjusted gross income of $453,907. Gore's income included his $162,820 salary as vice president and ''business income'' of $267,370 made up principally of royalties from his best-selling book, ''Earth in the Balance: Ecology and the human spirit.''
A year ago, the Clintons paid $70,228 on income of $290,697.
Most of that was Mrs. Clinton's salary as an attorney at the Rose Law Firm in Little Rock. The firm, which she left after the presidential election, paid her $203,172 in 1992.
By contrast, Clinton earned $34,527 in 1992 as governor of Arkansas.
The presidential salary of $200,000 has been unchanged for 20 years.
Because the bulk of the Clintons money is now in a blind trust, it could not be determined from the tax return how the $40,553 in capital gains - income from the sale of stocks and other assets - was earned.
The blind trust is being administered by the Boston Harbor Trust Company of Boston.
The Clintons return also showed $16,199 in interest and dividend earnings, some from the blind trust but the bulk of it - $12,000 - in earnings from an ''annual Henry G. Freeman Jr. Pin Money Fund.''
Freeman, who died in 1912, directed in his will that the fund was to be set up to benefit the first lady of the United States, whoever she might be at the time, once all of his other heirs had died.
That happened in 1989 and the fund was finally set up in December 1992. Mrs. Clinton is the first first lady to claim the money. Aides said she would give it to charity.
The tax returns for 1993 were made public several days after the White House disclosed that the Clintons failed to report $6,498 in income that Mrs. Clinton made in commodities trading in 1980. They wrote checks totaling $14,615 in back taxes and interest to cover what the White House called an oversight.
Some other details from the Clintons' federal tax return.
- $38,700 in moving expenses as income - and then taken as a deduction. The move was paid for from the Presidential Transition Planning Foundation, a fund made up of individual contributions.
- $17,000 in charitable contributions.
- $4,659 in home mortgage interest deductions, payments made for Mrs. Clinton's half-share in her mother's home in Little Rock
- $66 in personal property taxes on a 1988 Oldsmobile that Clinton owns in Arkansas.
Both Clintons and both Gores checked off the boxes to give $3 toward the presidential election fund. In previous returns, Mrs. Clinton had checked ''no.''
The Clintons have not yet filed their Arkansas taxes, which are not due until May 1, aides said. A separate tax return was filed for Chelsea Clinton, 13, for $160 in interest income.