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Edited on Sat Jul-10-04 09:43 AM by AP
and also went to paying his staff and running his office. I don't know if the expenses of litigation came out of his share of the award -- I suspect they did.
I think I read that all the suits he won added up to 250 million. Say that he got a third of that -- that's about 80 million. Take off expenses of running his office and litigation expenses -- that's anywhere from a quarter to a half of that (most firms have profit margins of only about 30%-50%, but his firm ran a little leaner than most, so we'll say his had profit margins of about 67.5%). So let's say he has 50 million lifetime after deductibel expenses. Tax that at an average of 35%, he has 32.5 mil after taxes and expenses over about 25 years of working as a lawyer.
I believe that he reports his net worth in the 15-40 mil range on his FEC forms. So, after investing that money, and including his wife's earnings and his senate salary, whatever he's made has grown beyond 40 mil, so I think my estimate must be pretty close.
George bush made 14 mil off the sale of that baseball team, which required no work by him. His only deductible expense was probably gass and mileage for driving to the baseball stadium so he could get some photo-ops setting him up for his governor run. I don't know what the cap gains tax was when he sold that team -- it's 15% now for long term cap gains.
Bush also got something like a million from selling Arbusto before it went down the tubes. The shares, apparently, were purchased by a Harvard University investment fund at the urging of GHWB, IIRC.
Arbusto and the baseball stadium make up just two days of moneymaking for Bush. The Bush family, according to Moore's F911 has gotten over 1 billion dollars invested in their projects just by the Saudis. I have no idea how that money was taxes, or how its value filtered down to the paychecks of Bush family members. But I suspect that a big chunk of that has ended up in Bush family individual bank accounts.
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