THE WHITE HOUSE
Office of the Press Secretary
STATEMENT BY THE PRESS SECRETARY
The President and Mrs. Clinton's 1997 federal income tax return shows $91,964 in Federal Income Tax on an Adjusted Gross Income of $569,511, of which $200,000 was the President's salary. The return shows that the Clintons made an overpayment on their taxes during 1997 of $3,040. The Clintons have elected to apply this overpayment to their 1998 income taxes.
In addition to the President's salary, the Clintons' income included royalty income in the amount of $281,898 from Mrs. Clinton's book, It Takes A Village; interest and dividend income and capital gains reported by Pell Rudman Trust Company, the Trustee of the Clintons' blind trust; other interest and dividend income; a refund of 1996 taxes paid by the Clintons to the State of Arkansas; and residual payments.
The return reports dividend and interest income of $12,000 from the "Henry G. Freeman, Jr., Pin Money Fund," established under his 1912 will for whoever is, at a given time, the spouse of the President of the United States. Mrs. Clinton will contribute this income to charitable entities, as she has in prior years.
The return also reports $270,725 in charitable contributions by the Clintons. The contributions were derived primarily from the proceeds of Mrs. Clinton's book. All income from the book (net of taxes and administrative expenses) is being donated to charity.
Chelsea Clinton filed her own federal income tax return for 1997, which shows $1,106 in tax on income of $8,447.