McCain Tax Returns: Latest News

UPDATE: Howard Dean has issued the following statement:

John McCain's lack of transparency is troubling and raises questions about what he's hiding. From his willingness to skirt FEC law to releasing less information about his tax returns than any other candidate since Ronald Reagan, John McCain continues a troubling pattern of thinking the rules don't apply to him. McCain should hold himself to the same standard set by past presidential candidates, both Republican and Democrat, and the example already set by both Democratic candidates.

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John McCain has released his tax returns for 2006 and 2007 today, his first release of such information in 25 years. However, unlike the Democratic candidates who released information for themselves and their spouses, McCain will not release information on his wife's estimated $100 million fortune.

The Associated Press reports on John McCain's tax returns:

McCain's individual return was released Friday. It shows that McCain paid $84,000 in taxes in 2007. He gave $105,000 to charity and also donated $177,000 in royalties from five of his books, including the biographical "Faith of My Fathers" and "Worth the Fighting For."

His income included his Senate salary of $161,708, a Navy pension of $58,358 and Social Security income of $23,157.

30 YEARS OF PRECEDENT
Candidates have historically released copies of their past tax returns. The Democratic National Committee points out that every candidate -- on both sides of the aisle -- dating back to Carter and Ford have released past returns.

PRIVATE LIVES
During the 2004 election, Republicans criticized Theresa Heinz Kerry for not disclosing her personal tax returns (she eventually released a copy of her 1040). RNC Chairman Ed Gillepsie claimed then:

"Throughout history, presidential candidates have disclosed income tax information prior to Election Day. We believe Americans value disclosure and transparency in campaigns. During the 2003 filing year, Sen. Kerry made a $6 million loan to his campaign based on the value of a home jointly owned with his wife."

The McCain camp has suggested that Cindy McCain's fortune has no bearing on her husband. However Cindy McCain's fortune and business connections have played a huge part in her husband's political career:

The McCains' marriage has mixed business and politics from the beginning, according to an expansive review by The Associated Press of thousands of pages of campaign, personal finance, real estate and property records nationwide. The paperwork chronicles the McCains' ascent from Arizona newlyweds to political power couple on the national stage.

As heiress to her father's stake in Hensley & Co. of Phoenix, Cindy McCain is an executive whose worth may exceed $100 million. Her beer earnings have afforded the GOP presidential nominee a wealthy lifestyle with a private jet and vacation homes at his disposal, and her connections helped him launch his political career -- even if the millions remain in her name alone. Yet the arm's-length distance between McCain and his wife's assets also has helped shield him from conflict-of-interest problems.

THINK OF THE CHILDREN
The National Review pointed out in 2004 about Heinz Kerry's tax returns:

Disclose the full form, Teresa. Privacy? Oh, come off it. How can disclosure of any part of Mrs. Kerry's personal 1040 relate to her children, all of whom are now in their thirties?

Meanwhile, from the McCain camp:

Aides say Cindy McCain will not release her tax returns to protect the privacy of her four children; details of their wealth are included in her filing.

Still waiting for similar outrage from the National Review.

Comments

[kevinmcd]

She must spend about one million a year just on her botox and face lifts. I think she must carry her botox with her or have a traveling nurse. Can you imagine that old goat and the mannequin in bed?

[iswearington]

is it just me or does mrs. mccain look like the newest generation of "alien" when it finally looks human but still has bodily fluids that are pure acid and melt holes in metal?

[cathye]

Cindy, listen to me. You are not 20 years old. You are not sporting a healthy tan. And you didn't bother to feather in the line where your foundation stopped. Go to a makeup counter in the mall, ask them to carefully match your actual skin shade to the appropriate shade of makeup, and stop pretending you are Barbie. Even with Loreal from the drugstore I get a better match with $50 than what you have, and you can afford to spend ten times that much easily.f. Hell, you can afford to have one of the makeup companies mix and match the exact shade just for you, personally, and have someone airbrush it on your face and neck every morning before you go out.

It's as if it never occurred to her that the shade she wore in her thirties changed as she aged. Sure, her face looks youthful from a distance, but she looks like a complete moron once you notice that the makeup ends before it touches her collar. We can even see a ring of the real skin color peeking out from her thinning hairline.

Hillary has a much better makeup artist, for that matter, and her makeup doesn't end until it hits her collarbone. Even though I'm pro-Obama for political reason, I believe Hillary has looked fantastic every minute of the campaign season, and her makeup artist's wizardry plays no small part in it. Cindy could take a few pointers from her.

[newworldman777]

I think that by reading this blog, I learned a bit too much about the beauty secrets of the female gender derived from makeup application. Nevertheless, I can understand the points made -- to a disturbingly high degree. Let's not forget the public comment that John McCain made to Cindy when she affectionately informed him that he was getting thin on top: "At least I don't plaster on the makeup like a trollop, you c*nt!" Awww...how cute and endearing! For the love of Mike, we need such a classy and loving couple as this in the White House! McCain and Cindy in 2009!!

[jaglon]

Oh yes, I forgot to say that for retired people that have income of more then two-hundred thousand, not including SS, then yes I think there should be a means test. Talk about living off the government, does that make McCain a triple dipper? If he manages to get elected will he forfeit his SS money?

[sherbug]

Probably not. Republicans talk about how bad they hate entitlements, yet they are first in line to get them.

[jaglon]

I greatly doubt that McCain would have given that much to charity if he did not have rich wife. Is her name on those donations? If so, then she needs to release her 1040. Are the republicans going to demand that she release those tax records like they demanded of Heinz-Kerry? I doubt it. But she will have to in the end if everyone raises hell about it. McCain will make her if the yelling is load enough.

To hear McCain saying that he does not live in the lap of luxury and then go on to say that Obama is an elitist is just so laughable. I doubt he lives in a shack in their backyard ... all of their backyards. What a blow hard. And then Mitt accuses Obama as elitist, this from a man who said that his sons were serving their country by campaigning for him. We won't even talk about the wealth and priviledge that he grew up in. And did Mitt serve his country in the military. I think it would be best if he kept his mouth shut .... oh wait a minute keep talking Mitt. He is trully an idiot.

[PioneerKing]

where's Vicki Iseman - she'll know where some of the money comes from

[Bluebloodsbastardson]

Or goes to..........

[macjon]

.
Why are the pundits that complained about Kerry's wifes wealth soooo silent.
How does one spell HYPOCRITES???
.

[iswearington]

yeah! where is vicki isemann? i will bet my last farthing...that if her name was connected to obama...we would all know where she was. while we are on the subject..does any one know what happened to margie schoedinger?

[allpoliticiansaretraitors]

McCain is proof why there needs to be an income cap for SSI! It's disgusting that he's collecting SSI and obviously doesn't need the money. So, if he wins, after he's out of office we'll be adding even more to his income until he dies. The rich get richer....

[ejay579]

He is not collecting SSI, he is collecting social security retirement or SSR.

[sementchicken]

So you can turn it into a welfare program and destroy it once and for all time -- the goal of the GOP for years and years.

[coolrepublica]

You do know that SS is paid into right. Meaning he is not getting welfare money. He is getting money he has put into the pot since he got his first job. So you want people not to get what is due to them because they were lucky enough to have had a job and busted their ass and made money to pay into it.

Well, well. Obamaland and socialism working hand in hand it seems.

[kathyhussien]

This is not surprising the McCain's cover up things real well, like her dryg addiction and theft, his involvement with the forestal fire and the continuing cover up of the USS Liberty. So much for the straight talk express. LIARS, Warmongers.

[UnbiasView]

Ahh yes, the conspiracy theories begin to flow.

[johnmorgan]

Does Cindy McCain look like an alien, or what?

[missjabez]

Yes, she does. And I'm frightened.

[sebocd]

In all fairness Cindy McCain is not as frightening as say, James Carville but that Stepford wife look is another kind of scary. With all that money though you wound wonder why she had to steal someone's husband and all those desert recipes. Can we risk having a "clepto" in the White House stealing the silverware?

[Tyrione]

We all are aliens, if that's any consolation. Human life gradually evolved and appeared in the Geological Timeline only very recently. You take a Universe effectively infinite in diameter [x,y,z,f(t)] not to mention the 7 other dimensions of String Theory and you have to embrace that all life on this planet was once alien.

[sebocd]

I think your understanding of the meaning of "alien" is actually the definition of creature. If we evolved from earth we have always been of earth, unless you believe we are incarnate Spirits from another place. At this time I know of only one such occurance of this.

[workingboy]

She looks like Senior Citizen Barbie ..... the newest doll available.

[DesertLight]

This will send every Dumbocrat pining.

[cramos]

Guess that is why Obama's church is building Rev Wright a 10,000 sf. ft home on a golf course and giving him a $10 million dollar line of credit..........

[UnbiasView]

You forgot to add that it is in a neighborhood that is 98% white . . . doesn't sound like the teachings of "black liberation theology" to me :)

[sebocd]

Don't be rash now. Rev. Wright is probably going there as a missionary, just like many an American missionary who found himself the only white face in an African village.

[PioneerKing]

too afraid to let the world know about money connected to some pretty shifty folks in the middle east that's all that they want to hide
oh and those shady characters in las vegas that's all they are trying to hide
McCain didn't get his McNasty nick name just because of his nasty mouth

[sebocd]

And what about the pretty lobbyist who seems to have just disappeared? Too much vanishing cream I suppose.

[helonias]

But Jesus said give your wealth to the poor and follow me and don't amass worldly things

[UnbiasView]

And as you know, no one in Washington should ever . . . ever be compared to Jesus :)

They are all millionaires.

[helonias]

And Pharisees

BUt mist folks do not know what they are.

[iswearington]

BUT THE JESUS NUTS WILL NEVER GIVE THEIR DOUGH AWAY. THATS WHY I KNOW THEY SERVE THE DEVIL AND NOT GOD.

[UnbiasView]

I see most posts point out the social security that McCain collected last year and are complaining that he shouldn't be getting it. Well, newsflash, in 20 years no one will get social security so if you're smart you would start saving your own cash now.

For social security to survive through the baby boomers,the social security tax would have to be about 4 times what it is now. The only way to keep it around, push the age back to about 75 years old.

[DesertLight]

I started investing on my own at least 10 years ago. Now with several significant assets to my account, I will never have to depend on the government. Anyone who depends on the government deserves everything they get!

[chendri887]

Well, we all depend on government. Government builds our roads, maintains our police and fire departments, passes legislation that maintains civil society, regulates the markets that allow you to invest safely, and a whole host of other intangibles. I've lived in countries where government was weak and frankly, it was frightening. I get the libertarian criticism of inefficient or invasive government. Unfortunately, according to my experience, that argument is naive and overstated at best and extremely dangerous at worst.

[johnmorgan]

You are wrong. Stop spreading falsehoods you've heard on Faux News. Social Security has enough money saved up to continue until 2040, and at that point would have to cut benefits but not end them. A slight raise in Social Security tax would solve the problem.

[DesertLight]

Not according to Hillary Clinton.

[UnbiasView]

Ahh so now you trust the government?

Let me ask, will you be 65 by then?

[sebocd]

Social Security has enough money saved up to continue until 2040, ...

And with World War III that Dick Cheny is about to touch off, Social Security should have enough to cover what's left of the American population, and Mexico too, untill the year 2100.

[cathye]

I'm all for raising retirement to at least 70. When the age of retirement was set to 65 many decades ago, the average life expectancy for a man in America was only 64.

[rh654]

These tax results are also funny - they will eventually have to release them so why not just do it sooner rather than later.

[helonias]

Just rewards for the folks not getting into the kingdom of heaven