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

[sugarmoes]

what cindy mccain looked like when she and grandpa-mac first met:

http://www.dkimages.com/discover/previews/763/406482.JPG

[heal57]

That's not nice, sugarmoes, but it's very funny!!

[Tommygun264]

That's a cheap shot! Cindy McCain is a lovely and beautiful woman. Why else would John McCain have cheated on, then dumped his first wife in favor of Cindy McCain, multi-millionaire heiress? Just don't look directly into her eyes - see "Village of the Damned" to find out why.

[drumz]

LOL

[findingthetruth]

This is wonderful. Hope they don't release those tax returns soon. Continue to hide that info from the American people.

[DC]

What business is it of the American people? No more than yours or mine. She, like you and I are not running for pubic office.

[pbfishtaco]

It's our job to just go about our business!! Nothing to look at here!! Trust us!! We look out for the little guy, just like 'W' has helped out the middle class for the last 7 years.....­. (as long as you're worth at least 200k per year). Charlie Gibson told me that 200k is middle class, so it must be true! Talk about Elitist!
How much and where she made her money has EVERYTHING to do about how the Straight Talker even got elected!

[john85msy]

Its called transparency.

[TN]

What gun toting patriot files their 1040 as married filing separate - none. Unless your trying to look different than you actually are.

[john85msy]

Good point!

[Davwbaird]

His books are not doing too well compared to our next president Barak Obama.

[fixbone]

this man whose wife is worth over 100 million is collecting social security?????

[DeSwiss]

Extremely good point!

[sugarmoes]

maybe she cut off his weekly allowance???

[heal57]

That's not all she cut off.

[instagladiator]

Hey! It's really hard living from paycheck to paycheck, trying to make ends meet. $161K+ Senator pay, $58K+ USN retirement pay and $23K+ Social security. Gee, how can anyone live on that? Must be tough?

[rtnd22]

Thats what I thought hope he is donating it..

[pbfishtaco]

Her Botox bill is horrendous, you know.

[kristianberhost]

The republican candidate for the presidency, John McCain, released his tax information recently, & proved to skeptics that his pockets aren’t full of cash. His wife however is loaded, with an estate estimated at over $100 million. I found it interesting that everything Senator McCain’s books brought in were donated to charity.

[TN]

The 100 million dollar question is, What in the hell did/does she see in an old short f##k with stockholm disorder.

[incontempt]

does it seem funny that he is married to a corporatio­n?...liter­ally

[PopeRatzo]

Actually, it makes sense, considering all the "marital favors" he performs for the corporations.

[mon4america]

Is that picture photoshopped or does she really look that scary? Wow. Is she going to be first lady or first alien?

[incontempt]

Don't look into her eyes ...lol

[instagladiator]

OMG! I did and now I feel a very strong compulsion to vote republican?

[butchie65]

Want to know what a true hero he was ? Google Earl Hopper/John McCain. REAL hero alright !

[mitch4822]

Cindi Barbie McSame. Clepto - drug stealer; arrested; recipe stealer this week, from Rachael Ray's website - "oh, it was a "low-level employee who did that...." really. She is dishonest - the rich always want to be richer. This woman is a clepto and does't deserve to be in the White House. Also a husband stealer. (MsSame was messing around with her while his first wife was injured and they got married shortly after the divorce.)
And here we see Senator McSame, talking so sanctimoniously on tv about the war, his Vietnam experience - as if those qualify him to be President - and can't even grasp whom we are fighting in Iraq.
We must demand that McSame disclose his wife's tax returns.
Hey,. suppose this was Michelle Obama, or even Hillary who only provided one spouse's tax returns, all hell would have broken loose. Let's demand that McSame release his wife's income now. Let's see Shawn Hannity and bill Orilley, Georgeie bog Steph, and his sidekick tackle this in question and answer on tv.

[mon4america]

That's a horrible picture of Cindy. She looks like a demon spawn. Scary.

[incontempt]

Don't look into her eyes ...lol

[JICC]

Amazing how plastic surgery can make a skull look (almost) alive.

[cla62]

jeaulosy is a terrible thing, and really ugly!!

[PopeRatzo]

"jeaulosy is a terrible thing,"

So is your spelling.

And speaking of really ugly, did you see the picture of the head of the McCain family at the top of this article? Plastic surgery gone wrong can be a hell of a thing.

[rollingdivision]

McCain has fully met the standard John Kerry established as completely acceptable during Kerry's presidential run. Kerry and Heinz filed separately, Kerry released his income tax returns, not Heinz'.

[bdl0715]

actually, after all the screaming from repubs about why Heinz wasn't releasing her tax returns, she did release them. Funny how those same people are now so silent!

[Conservativeslayer]

Someone beat me to it, but it said quite clearly in the article above that Heinz did release her 1040. I suggest you go back to school and take reading comprehension lessons. You republicans have huge problems in this area. Don't be ashamed, you're not the first republican to have this problem. The key is that you get help for your learning disability.

[incontempt]

LOL

[john85msy]

Def Dum Blind Can you read!

[JSquercia]

I believe that Heinz eventually did release her tax returns . In fact I think the article mentioned precisely that in its reference to the National Review's criticism of Heinz for using her children as an excuse . We are awaiting the National Reviews fair and balanced criticism of Cinndy McCain

[rollingdivision]

If she did please post a link verifying. Thanks

[rollingdivision]

1040 yes but that didn't include the key information about her trust funds. So Heinz released very limited information about her taxes:

David Cay Johnston reports in the New York Times on some of the missing information on the forms released by Ms. Heinz Kerry:

"One line in the Form 1040 that was released indicated she had a job for which $2,230 in taxes were withheld from her paycheck, but gave no details. A spokesman for the Kerry campaign said this income was related to an investment she had with a limited liability corporation, although he would not provide any more information.

Tax documents that would indicate if Ms. Heinz Kerry has offshore accounts were withheld, as were the schedules detailing her charitable deductions, interest expenses and the nature of the $14,412 in capital gains she reported.

No information was provided about how much income was earned by trusts of which she is the beneficiary. If the trusts are as large as reported - and the Kerry campaign has not challenged the billion dollar estimate - then even a modest 5 percent return would have generated $50 million of income, 10 times what was on the two pages released by Ms. Heinz Kerry. A statement released by the Kerry campaign noted that income taxes are paid directly by the Heinz family trust, in addition to taxes that Ms. Heinz Kerry pays."

[rollingdivision]

Kerry's Wife Releases Part of Her 2003 Income Tax Return
By DAVID CAY JOHNSTON and ERIC LIPTON

Published: October 16, 2004
New York Times
"WASHINGTON, Oct. 15 - Teresa Heinz Kerry reported income of just over $5 million last year, slightly more than half of it from investments in tax-exempt municipal and state bonds, her 2003 income tax return shows, confirming her status as the wealthiest spouse of any major party nominee in United States history.

Ms. Heinz Kerry on Friday released a SMALL PART of her 2003" (only one years) " income tax return, unlike her husband, Senator John Kerry, and President Bush and his wife, Laura, who have made their full tax returns available for public inspection. The Kerrys file separate tax returns, a common arrangement when one spouse is wealthy."

[axt113]

Is it just me or does she look really scary to anyone else?

[qdog112]

I'm right with you. I'm still looking for the beauty others speak of.

[incontempt]

Don't look into her eyes...lol

[adv2int]

I thought they said that Obama was the elitist?

Yet his comeptition is making $100+ million dollars.

hmm...If you ask me something just doesn't seem right.

[UnbiasView]

Elitism is the belief or attitude that those individuals who are considered members of the elite — a select group of people with outstanding personal abilities, intellect, wealth, specialized training or experience, or other distinctive attributes — are those whose views on a matter are to be taken the most seriously or carry the most weight; whose views and/or actions are most likely to be constructive to society as a whole; or whose extraordinary skills, abilities or wisdom render them especially fit to govern.

All of the Washington people are read the definition.

[Conservativeslayer]

Why would we someone that is a member of the elite to be our president, someone with superior abilities and intellect? Let's just pick the person we would like to have a beer with. It's served this country well for the last 7 years, hasn't it?

[mitch4822]

With so much dough, Hillary ($111. million in 4 years) should not be running for president. She simply cannot identify with the poor or the middle class, neither should the McCains.
I do nto begrudge them, but it is amazing how these political dynasties have so much money and still want more......­and power and everything that goes with it. Something is wrong somewhere in our society.

[solarfared]

Once again, the only evil rich are the conservative rich. Rich liberals are somehow immune to the hatred of their own minimum wage earning, or welfare grabbing kin. Heinz Kerry has enough to buy McCain twice over, but she is somehow some kind of saint. You people are laughable.

[Hitsong]

Yes, we will be laughing our way right into the White House. And it won't be the last time we laugh at the pathetic 'dead-enders' who still cling to Bushian madness.

[tdpubs]

Are we reading the same article? Hello, McFly! The article was pointing out the disparity between the treatment of rich spouses of the candidates. Heinz was called elitist and Kerry is the kept man.
She was hounded to report her tax returns. I think they are saying that Cindy should not be excluded. She is also a rich elitist.
i happen to think that elitism is not a bad thing. I'm a broke elitist.
e pluribus unum