THE WHITE HOUSE
Office of the Press Secretary
STATEMENT BY THE PRESS SECRETARY
The President and Mrs. Clinton's 1998 federal income tax return shows $89,951 in Federal Income Tax on an Adjusted Gross Income of $504,109 of which $200,000 was the President's salary. The return shows that the Clintons made an overpayment on their taxes during 1998 of $4267. The Clintons have elected to apply this overpayment to their 1999 income taxes.
In addition to the President's salary, the Clintons' income included interest and dividend income and capital gains reported by Paul Rudman Trust Company, the Trustee of the Clintons' blind trust; other interest and dividend income, a refund of 1997 taxes paid by the Clintons to the State of Arkansas, and royalty income from Mrs. Clinton's book, It Takes A Village.
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 total charitable contributions of $161,938 by the Clintons, including a carryover of $62,718 from last year. The contributions were derived from personal contributions, "Pin Money Fund" income, and the proceeds of Mrs. Clinton's book. All income from the book (net of taxes and administrative expenses) is being donated to charity.