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  • The McCain tax returns...

    From NBC's Domenico Montanaro

    McCain released his tax returns today. They include 2006 and 2007 and nothing previously. In addition, no returns or summaries are included for wife Cindy McCain, who heads a privately held beer distribution company. Also note, John and Cindy McCain have filed separate tax returns for every year of their marriage except their first year, 27 years ago. On questions of transparency, the McCain campaign points out that the Arizona senator has filed financial disclosures while he has been in public life. The campaign cites Teresa Heinz Kerry, John Kerry's wife, as precedent for not releasing Cindy McCain's returns -- even though Heinz Kerry loaned money to her husband's campaign.

    But Clinton and Obama have both released their tax returns dating back to 2000 (Clinton released a summary for 2007, but not the full return yet), and Clinton further back than that, since the days her husband was governor of Arkansas in the 1980s. Additionally, the Clinton campaign has recently called on Obama to release his tax returns from 1997 to 1999 when he was an Illinois state senator.
    McCain reported taxable income of almost $259,000 on his 2007 tax returns.

    Here’s the release from the McCain campaign:
    ARLINGTON, VA -- Today, U.S. Senator John McCain's campaign released his tax returns for 2006 and 2007. Senator McCain's tax returns show that he paid $157,231 in federal taxes for 2006 and 2007. In the past two years, Senator and Mrs. McCain have contributed $340,323 to charitable causes. Below please find summary information about Senator McCain's 2006 and 2007 tax returns.
    To view the relevant documents, please see:

    BACKGROUND ON THE 2006 AND 2007 TAX RETURNS
    Senator and Mrs. McCain have kept their personal finances separate throughout their 27-year marriage. Accordingly, they have for many years filed separate tax returns. However, their home state of Arizona is a community property jurisdiction. In community property states, individuals maintain a separation of all property brought to the marriage, or inherited during it, but share financial responsibility for other assets acquired through the efforts of each spouse during the marriage. This means that their tax returns report one half of each of their community property income and expenses (such as income each of them earn as salaries, Senator McCain's book royalties, and expenses attributable to both of them such as charitable contributions from community assets).

    Accordingly, Senator McCain's 2006 and 2007 tax returns contain a detailed "Statement A" showing the allocation of his and Mrs. McCain's community property income and expenses to their respective tax returns (2006 - 2007). John McCain's 2006 and 2007 tax returns, including the community property income and expense allocation, are available for download below. (2006 - 2007)

    Publication 555 from the Internal Revenue Service is also available for download below. This publication explains the community property filing rules for various states (including Arizona) and their effects on married taxpayers filing separate returns. View

    SUMMARY OF TAX RETURNS
    Taxes Paid:

    For 2006, Senator McCain paid $72,771 in federal income, alternative minimum, and self-employment taxes (LINES 57 and 58) on taxable income of $215,304 (LINE 43), which is a 33.8% tax rate. View
    For 2007, Senator McCain paid $84,460 in federal income, alternative minimum, and self-employment taxes (LINES 57 and 58) on taxable income of $258,800 (LINE 43), which is a 32.6% tax rate. View

    Charitable Contributions:
    Senator McCain donates his royalties from his books to charitable organizations. This sum has totaled over $1,800,000 since 1998 when he signed his first book deal. Senator McCain's book income of $256,898 for 2006 and 2007 is comprised of earnings for Faith of My Fathers, Worth the Fighting For, Why Courage Matters, Character is Destiny, and Hard Call.

    Beginning in 1991, Senator McCain has also donated the increase in his Senate salary for that year and each subsequent year to charity because he opposed the Congressional pay increase at that time and pledged not to accept the pay raises. The cumulative total of these donations is over $450,000.

    2006
    In 2006, Senator and Mrs. McCain donated $129,390 from community assets to charity, of which Senator McCain's one-half allocation was $64,695. This is 19% of his adjusted gross income.

    2007
    In 2007, Senator and Mrs. McCain donated $210,933 from community assets to charity, of which Senator McCain's one-half allocation is $105,467. This is 27.2% of his adjusted gross income for the year.
    Most of Senator McCain's contributions were made to the John and Cindy McCain Family Foundation, which makes direct contributions to charities. The Foundation's tax returns for 2006 and 2007, which include a list of the charities to which Senator and Mrs. McCain contributed through the McCain Family Foundation in 2006 and 2007, are available for download below. (2006 - 2007)

    SUMMARY OF SENATOR MCCAIN'S ACTUAL (NOT COMMUNAL) INCOME [FROM STATEMENT A OF TAX RETURN]


    2006
    2007
    Senate Salary:
    $161,675
    $161,708
    Book Royalty Income:
    $80,390
    $176,508
    Social Security Income:
    $22,104
    $23,157
    US Navy Pension*:
    $56,496
    $58,358


    * [Non-Taxable and therefore not reported as income on Statement A]

    Note About Mrs. McCain's Financial Information:

    Since the beginning of their marriage, Senator McCain and Mrs. McCain have always maintained separate finances. As required by federal law and Senate rules, Mrs. McCain has released significant and extensive financial information through Senate and Presidential disclosure forms. In the interest of protecting the privacy of her children, Mrs. McCain will not be releasing her personal tax returns.

    Note About Hensley & Company:

    In her role as Chairman of Hensley & Company, a privately-held business founded by her parents, Mrs. McCain's main areas of responsibility focus on strategic planning and corporate vision. Having served the greater Phoenix area since 1955, Hensley & Company is widely respected as an exemplary corporate citizen, and makes significant charitable contributions of its own.

    http://firstread.msnbc.msn.com/archi...18/916355.aspx

  • #2
    If you just steal drugs and use them yourself, does that count as income?
    v


    Comment


    • #3
      Well I think all the public is entitled to is 2 years of Tax Return.

      Which is the over under on how long J Mc will actually occupy mentally should he be elected.
      Turning the other cheek is better than burying the other body.

      Official Sport Lounge Sponsor of Rhode Island - Quincy Jones - Yadier Molina who knows no fear.
      God is stronger and the problem knows it.

      2017 BOTB bracket

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      • #4
        Such a modest income!

        Of course, Cindy's worth a hundred million dollars.
        Official sponsor of the St. Louis Cardinals

        "This is a heavyweight bout indeed."--John Rooney, Oct. 27, 2011

        Comment


        • #5
          Originally posted by kah View Post
          Such a modest income!

          Of course, Cindy's worth a hundred million dollars.
          Not only that, but she had him sign a prenup before they were married.
          "You can't handle my opinions." Moedrabowsky

          Jeffro is a hell of a good man.

          "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

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          • #6
            Originally posted by kah View Post
            Such a modest income!

            Of course, Cindy's worth a hundred million dollars.
            And this is a problem how?

            I'm frankly surprised his income is as low as it is.

            Comment


            • #7
              Originally posted by Airshark View Post
              And this is a problem how?

              I'm frankly surprised his income is as low as it is.
              It's interesting how a guy like McCain can get away with shit no Democrat ever could. If either the Clintons or Obamas--especially the Clintons--were withholding a spouse's tax return, especially when the spouse is much, much richer than the candidate, there'd be hell to pay.
              Official sponsor of the St. Louis Cardinals

              "This is a heavyweight bout indeed."--John Rooney, Oct. 27, 2011

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              • #8
                Originally posted by kah View Post
                It's interesting how a guy like McCain can get away with shit no Democrat ever could. If either the Clintons or Obamas--especially the Clintons--were withholding a spouse's tax return, especially when the spouse is much, much richer than the candidate, there'd be hell to pay.
                Umm, Teresa Heinz Kerry.

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                • #9
                  Originally posted by Airshark View Post
                  Umm, Teresa Heinz Kerry.
                  Umm.
                  Official sponsor of the St. Louis Cardinals

                  "This is a heavyweight bout indeed."--John Rooney, Oct. 27, 2011

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                  • #10
                    Originally posted by kah View Post
                    Umm.
                    I don't recall there being much "hell to pay" over Kerry's wife's refusal to release her tax returns.
                    "You can't handle my opinions." Moedrabowsky

                    Jeffro is a hell of a good man.

                    "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

                    Comment


                    • #11
                      Originally posted by FAR52 View Post
                      I don't recall there being much "hell to pay" over Kerry's wife's refusal to release her tax returns.
                      Yeah, that Kerry sure didn't get painted as a rich, out of touch, patrician who used his wife's money to finance his runs for public office throughout his career. He sure dodged a bullet there!

                      Moon

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                      • #12
                        Originally posted by Moon Man View Post
                        Yeah, that Kerry sure didn't get painted as a rich, out of touch, patrician who used his wife's money to finance his runs for public office throughout his career. He sure dodged a bullet there!

                        Moon
                        What's your point, Moon? FAR's response was to mention that really, nobody cares about spousal tax returns. There's not any "Hell to pay", and if Teresa had released her tax returns, Kerry would still have been painted as a rich, out of touch patrician who used his wife's money to finance his runs for public office - possibly because that's reality.

                        Is the accusation being made that Cindy McCain is financing JM's campaign? Because, you know, she hasn't loaned him any money, while Teresa did help finance JFK's campaign.

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                        • #13
                          Originally posted by Moon Man View Post
                          Yeah, that Kerry sure didn't get painted as a rich, out of touch, patrician who used his wife's money to finance his runs for public office throughout his career. He sure dodged a bullet there!

                          Moon
                          Well sure he was, but it had nothing to do with his wife's tax returns. Trying to be a regular guy while wind surfing was his problem. That and "voting for it before voting against it" type of flip flops.
                          "You can't handle my opinions." Moedrabowsky

                          Jeffro is a hell of a good man.

                          "A liberal is a man too broadminded to take his own side in a quarrel." - Robert Frost

                          Comment


                          • #14
                            Only mental midgets give a rat's ass about a candidate's tax return.

                            Comment


                            • #15
                              Originally posted by 210 View Post
                              Only mental midgets give a rat's ass about a candidate's tax return.
                              Much less their spouse's tax returns.

                              I figure if the IRS will take it, there really isn't too much there.

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