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

[iPolitics]

How much of those millions were spend on the BBQ for the media at the McCain's home? How many the the media are using Mcain's special sauce while covering the election and our heroes dying in Iraq?

[ajax2]

Straight Talk Takes Another Detour.

[drblack]

McCain is being a snake and a weasel by not releasing his wife's tax returns because they are a part of his finances. He could hide so many things by putting them in his wife's name. He probably has hidden many facts this way or he wouldn't have withheld this information.
If you like what Bush and the Republicans have done in the last 7 years you will love McCain.
Say Yes to more war, less Freedom and less prosperity,vote McCain and you will say yes to these terrible things.

[Dancer]

OKEE, DOKEE...le­t's make this a STORY as is every little single damn thing about THE CLINTONS here on this biased website...­don't seriously wait for REPUGS to do it or their surrogates in the media...th­ey're all busy kissing Obama's behind so they don't have to run against Hillary...­more years of rightwingnuttia coming up!!!!

[DebLee]

Geraldine Ferraro's husband would not release his tax returns when she was the democratic VP candidate and the chaos that resulted in the media, cost the democrats the election.

[mitch4822]

Thank you. So you see McCain is hiding behind his wife's skirts. If he was not, he would have released complete returns for both. they are man and wife, and living together. Are you telling me that McCain only made $64,000 after all taxes and charities, and according to his campaign, "he lives off $64,000 and that "his wife's income isn't a part of that... "etc., what BS.. let's demand that the media pressure Sen McCain to disclose everything­...

[guntotinganglion]

Gotta love Ed Gillepsie's spurious and hypocritical comments on Teresa Heinz Kerry. And now bout those pesky medical records of our illustrious VICE-president Dick Cheney...s­peaking of full disclosure. As far as I know, those records remain sealed. What's Cheney got to hide? Is it just that he's an obsessive/­compulsive sociopath when it comes to secrecy, or is there something nefarious about his heart condition and how he's survived, what, a hundred or so heart attacks? Has he had secret heart transplants, perhaps where the heart was harvested from unwilling participants? Let's get the rumor mill rolling people!!! He didn't get the nickname Darth Cheney for no reason...h­as he ripped beating hearts from the chests of teenagers who's minds he held in the palm of his hand through his use of the dark side of The Force???? All valid questions in regard to the most evil man on the planet!!!

[guntotinganglion]

Perhaps Mad Dog doesn't want his wife's fortune to make him look like the elitist he is.

[zigzag1]

Vicki Iseman is probably hiding the tax return in her purse...an­d no one knows where she is

[The 13 Colonies]

I still want to know what happened to wife#1. You never hear about McBushes children. Do they speak to him?????

[brokenSoldier]

...wounds I received in direct combat.) [the end of my last post was somehow cut

[brokenSoldier]

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.

Are you kidding me? I made just over $49,000 in 2007 as a single soldier with no dependents, and paid $8,956 (or thereabouts) in taxes when all was said and done. My refund was - drumroll please - $55.

And why in the world has John McCain apllied for and received Social Security benefits? Sure, he's entitled to them due top his advanced age, but aren't these benefits meant to go to those in society (Social) who need help maintaining their lifestyle when they can no longer work (Security)? And if so, why does my disabled mother get hassled at every turn about drawing social security benefits on the - falsely claimed - grounds that she can hold down a job? This should outrage everyone who is worried about the social security fund drying up before they can make use of it. This story - and the man it is about - makes me sick, POW or not. (And before you flame me, realize that I stand on perfectly sound moral ground in criticizing him, being a veteran that is disabled due to wounds I received in

[serialcoma]

Thank you for your service and sacrifice.

[brokenSoldier]

Although modesty always makes me slightly blush when complimented in this manner, that in no way changes the fact that I sincerely appreciate your thanks!

[serialcoma]

It's a tragedy that the republicans have chosen to dishonor you, your family and the rest of our citizens who go in harm's way because they are so intent on enriching themselves.

[brokenSoldier]

I agree, though I would be careful not to attribute it to solely Republican motives (though I agree that most of the blame falls at the feet of their policies). If I had to pick a responsible party, it would align more with the wealthy business class that has been enjoying obscene financial profits from this war than with a particular political ideology. (Though, again, I agree that a great majority of neo-con Republicans fall into this class as well.)

[KeysDan]

At last, I finally found one thing in McCain's favor ( sort of like a half compliment to a clock for being right twice a day), And that one thing is that he did take the social security disbursement he was due. Andrew Mellon, a member of FDR's cabinet at the time of social security's enactment and one of the richest men in America, proclaimed that he would always take the new social security check, since the social security idea was not to be income-based or considered welfare. In this manner, social security would be a stable and secure safety net for all Americans, reasonably immune from demagogic cutbacks. Mellon, in turn, donated his social security payment to charity.

[brokenSoldier]

Mellon's statement was made in an era where the dilution of the SS fund was not even a remote possibility or consideration. And the last statement in your post would seem to prove my own point regarding McCain's hypocrisy, unless it can be shown that he has done the same with the nearly $24,000 he received from our (taxpayers') pockets.

[tdpubs]

The average income in this country is now about 42,000 a year. Man, are we a rich country or what!
I think that most of the people who regularly show up on television make about three times the average American's wages. That doesn't include the stars or superstars. So how can they relate to me and you and 90% of the country? We are hoodwinked into thinking that Wall Street is the reality of life instead of Main Street. If you don't have $500,000 or more in the market, you're not really playing.

The rich live on dividend income not a paycheck! They don't pay the same tax rate that we do even though they use more of the resources paid for by commons. Corporations now pay less taxes than ever before in this country. The IRS have all but given up no auditing big business. The small and mid-sized companies are getting the shaft.

I don't blame anyone who makes a lot of money. I just think that it becomes harder to remember the pain and complexity of living the average daily life once you pass the first couple of million.
e pluribus unum

[The 13 Colonies]

I agree. Why is he collecting social security benefits?????He has his pension and salary from the senate, plus free health care. He sits in the senate and votes down decent raises in S.S. that people living on fixed incomes need. He should hang his head in SHAME!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!

[johnpherson]

He's ugly, stupid, and cruel. She's a withering Barbie doll. Both owe there positions in the world from their parents. Seems pretty All-American to me. Let's go murder more kids in Asia my friends.

[cramos]

Gee....the only thing stupid and out of place here is your commentary­....home from school already...­don't you have some homework to do?

Murder of children? You are and idiot!!!!!

[johnpherson]

I'm 43 years old, I believe Shock and Awe was/is murder. Collateral damage = dead people. McCain's support of the war was/is wrong. Your forgiveness of OUR misdeeds is shameful. And yes Persian Gulf region is Asia.

[UnbiasView]

All American lie . . . McCain didn't take it easy when he had the chance in the torture camp. His dad had him in a postion to leave, he decided to stay with his fellow troops. Sounds like a silver spoon to me.

[08timefortruth]

I think John McCain is the wrong person to lead this country but disrespecting his sacrifce for this country and the sacrifice of many other Viet Nam vets who did thier duty is uncalled for. The man did not take the easy way out and he suffered for it. Disagree with his politics, his wife ect. but do not be so stupid as to make comments about a time and era you obviously know nothing about.

[chronic]

Get real! McShame sided with the right wing dark side when Kerry's service was slimed.


Payback is a mutha!!!

[MissingAmerica]

It would appear that one would be forthcoming if one has nothing to hide. If he will not release information on his wife's fortune, it would be easy to assume he has something to hide -- like money from sources he doesn't want us to know about. If we are going to have an open administration, it has to be open all the way around.

[PrdAmerican]

good point..it would be quite easy for him to have everything put in his wifes name....an­y chance she could recieve money from Lobbyists or PACs without reporting?

[RoseFromPhila]

Definitely right on PrdAmerican and his social security $23,157 is his pork barrel income ..... what an asshole

[JustifiablyParanoid]

Don't hold your breath.

[saami]

McCain't wouldn't be a candidate or for that matter a Senator without Cindy's money. She was a twofer; young looker and rich. Why do you think he married her for goodness sakes.

[bobdevo]

WOW!! A hundred million smackers. I didn't think she managed to steal THAT MUCH narcotics from the not-for-profit!!!!

[aristippe]

Why are all politicians in this country stinking rich?

[cramos]

You don't think Obama is in the race because he is noble! His income has quadruppled since he got into the political game....

[peskyliberal]

I would think that most former Harvard Law Review Presidents are not poor.

[flyguy14222]

I'm no McCain fan, but the sentaionalist headlines are getting absurd. "Concealed"? Their finances are separate, how can he conceal what is not his?

[bdl0715]

Why was it not ok for Theresa Kerry to "conceal" her income, but it's fine for Cindy McCain to "conceal" hers?

[serialcoma]

Because republicans hold themselves to no standard.

[flyguy14222]

I'm not going argue semantics. I'm just saying it is starting to look like the National Enquirer around here.