Gov. Bush's Income Soared in 1998
By Dan Balz
Bush's income, which was $258,375 in 1997, soared in 1998 because of the sale of the Texas Rangers baseball team, of which he was managing general partner until he was elected governor in 1994.
Bush received about $14.9 million when the Rangers were sold last year. The additional $3.4 million in income reported yesterday came from his gubernatorial salary and dividends from his other investments, which are held in a blind trust.
Bush initially invested $606,000 in the team and received an additional 10 percent share of the partnership for his role in putting the deal together to purchase the Rangers. His initial investment grew to $2.7 million when the team was sold, with the additional $12.2 million coming from his bonus share of the team.
Bush and his wife contributed $334,425 to charity, his office said.
Bush's tax payment is an estimated amount because the executor of the blind trust filed for an automatic extension until later this year.
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