Cindy McCain Tax Returns: Reports $4.2 Million In 2007 Income

WASHINGTON — Republican presidential candidate John McCain's wife, Cindy, reported $4.2 million in income for 2007, nearly $2 million less than she reported the previous year, according to tax returns released by the McCain campaign Friday. Mrs. McCain, who files her taxes separately from her husband, paid $1.1 million in taxes, a tax rate of about 26 percent. She reported nearly $530,000 in itemized deductions.

The McCain campaign said her losses were in investment income directly related to her family business, Hensley & Co., an Arizona beer distributorship of which she is chairwoman.

"The reduction is a combination of capital investments in the business and, like many companies, Hensley has felt the impact of a weakened economy," McCain spokesman Brian Jones said.

The Arizona senator's campaign had released her 2006 return in May but said Mrs. McCain had requested an extension on her 2007 return.

McCain himself released his own tax return last April, reporting a total income of $405,409 in 2007 and $84,460 in federal income taxes.

Democratic rival Barack Obama and his wife, Michelle, made their returns public earlier this year, reporting $4.2 million in 2007 income, most of it profits from his books, "Dreams From My Father" and "The Audacity of Hope."

The McCain campaign only released the summary pages of Mrs. McCain's returns, thus offering limited information on her finances. She listed nearly $2.9 million in income from rental real estate, royalties, partnerships and trusts _ a category that would include her investment income from Hensley & Co. She had reported $4.5 million in that category in 2006.

She also reported $297,000 in salary income, more than $118,000 in dividends and more than $746,000 in capital gains. Her dividend income dropped by about $165,000 from 2006.

Perhaps anticipating higher income, she overpaid her taxes over the year by more than $950,000. She applied that amount to her 2008 estimated tax.

As an heiress to the Hensley fortune, Cindy McCain's worth has been estimated at more than $100 million.

Comments

[jdmba]

02:08 AM on 10/19/2008

What makes me so angry about this article is that I'm taxed at 35%, and This One at 26%???????? F that.

[jt1980]

08:05 PM on 10/19/2008

I wonder if the 26% came from Alternative Minimum Tax (designed to make sure the rich pays at least some taxes). If my suspicion is correct, if the normal tax rules applied, her taxes would be even lower. Because capital gains and dividends are taxed at a much lower tax rate than the normal top income tax rate, high income people can have a low tax burden if their income comes mostly from those gains.

[justsaynotofascism]

01:01 AM on 10/19/2008

She's the organ grinder, Johnny's the dancing monkey.

[BarackMarley]

10:57 PM on 10/18/2008

Here's the Full Story on Cindy Mccain's Drug Addiction
http://newsone.blackplanet.com/elections/cindy-mccain-was-investigated-by-dea-proof-of-john-mccains-hypocrisy/

[pupbayer]

12:00 AM on 10/19/2008

Someone cares about it? Maybe they'd like a link to O bama's drug addiction, too...IF you have one.

[justsaynotofascism]

01:02 AM on 10/19/2008

You want to know about it? Buy his book.

[Sparty1]

01:21 AM on 10/19/2008

I don't think he was thieving and stealing from a charity for kids to do said drugs. Oh and he wasn't a grown ass woman with children at the time.

[JuanitoVerde]

07:21 PM on 10/18/2008

What a bunch of envious cretins you are who write negatively about an heiress who makes money, pays taxes, hires people and pays them salaries, and lives the good life.

Are you the same ones who would hyperventilate in ecstasy at the thought of Obama cruising the "friendly skies" in Air Force One at taxpayers expense?

Hypocrites.

[asta1968]

01:58 PM on 10/20/2008

Is it possible not to call names......If you have an intelligent statement to make then do it!

Let me tell you, I'd like to see the person who can support 7 homes on 4.2m a year(taxes on all 7 are probably more than that). I wonder how much the company pays for?

I have to also say that while I applaud (the 2nd) Mrs. McCain's charitible works, I also find it obscene that any person who claims a patiotic and charitible heart would wear $350,000.00 worth of clothing and accessories to the convention, when there are military families who've been losing their homes since the beginning of this illegal war (extended deployments are still a huge hardship on a lot of military families) . It just shows poor taste on her part. It's more than possible to look really good on just a few thousand, but $350,000, just shows how OUT OF TOUCH both economically and generationally they are. My parents have very little and spent quite a bit to make sure my youngest brother had what he needed (safest equipment possible) before being deployed first to Afghanistan and then to Iraq, cause the DOD wasn't giving to them. Priorities. Mrs. McCain makes my blood run cold.....maybe she could change places with my mom.

[boz561]

05:06 PM on 10/18/2008

Oh my god...Obama is going to take an extra 120,000 dollars in taxes from this (this one)...what will she do? Less make-up might be a good start!

[ohjoy]

05:03 PM on 10/18/2008

You can be too rich and too thin.

[pleasethinkwomen]

04:16 PM on 10/18/2008

This is precisely the reason we need Obama's tax plan. Why on earth is she, of 10 million+ dollars, in a 26% tax bracket??

[Sparty1]

01:23 AM on 10/19/2008

OKAY? We make around 125k and I know that we pay 28%. Geez, we need to make more money or get her accountant. I mean our accountant tries to write off everything within the law, but we're still in the 28% range. Something ain't clean in the milk.

[ScoobyDoo269]

12:05 PM on 10/19/2008

You forget all the money she has donated to Charity - John campaign!

That is Tax Deductible!

[shaaronie]

02:09 AM on 10/19/2008

Uh... your off by 90 million dollars, but I do get your point!

[JC1c1]

03:18 PM on 10/18/2008

Um did anyone miss this part?


"The McCain campaign only released the summary pages of Mrs. McCain's returns, thus offering limited information on her finances. "

They didnt give out all of her tax info. They didnt let the press look through all of it. They just gave a summary of it. Why not put it all out there? This just once again shows they are hiding something. The Bidens put out 10 years worth, they can only give a summary of one year?

[libby5564]

11:29 PM on 10/18/2008

Can you tell us why "THE ONE" will not show his birth certificate......

[pupbayer]

12:01 AM on 10/19/2008

Uh...because maybe it is a Kenyan birth certificate?

[justsaynotofascism]

01:10 AM on 10/19/2008

He has, but rightwingers are too full of hate to accept it.

Politifact got verification from Hawaii.

http://www.politifact.com/truth-o-meter/article/2008/jun/13/obamas-birth-certificate/

[Ytinummoc]

09:29 PM on 10/20/2008

I don't see that as a problem. Tax returns can be full of a lot of excruciating detail which is really of no interest. We have the major numbers, that is all we need to know. It is not even a requirement for a candidate to provide a tax return in an election and she, if you will recall, is not even the candidate.

[libratine]

03:01 PM on 10/18/2008

Well now between her and John that puts their combined under McMold's definition of the wealthy: 5 million. They are just like regular ol' middle class. You betcha!

[OldKnute]

04:56 PM on 10/18/2008

Yeah!

I just thought the same thing.

McCain set being RICH at $5,000,000.

At the time, I thought he was just pulling a figure out of the air?

Yes,, what you say Libratine,,, makes absolute sense now. McCain wants to be part of the Middle Class.

But this begs another question,, are Millionaires now the NEW Underclass,,,, THE NEW POOR,,, in McCain’s World?

Where is McCain World?

I am sure Urbane Recycling Engineers like myself, (Dumpster Divers) would be in the 6 figures range in McCain World.

I want to move there!

All the best

Knute Neo-LIB

[odoreida]

08:33 AM on 10/19/2008

McCain was very funny when he joked about the "very wealthy couple" who had hired Joe the Plumber "to work in their seven homes" at the Alfred E. Smith dinner. Too bad HP won't post a video from that, but you can watch both McC and O on Youtube.

[alais]

02:00 PM on 10/18/2008

http://articles.latimes.com/2003/aug/14/local/me-ariannatax14

Glass houses and what not.

[helonias]

01:39 PM on 10/18/2008

And how much did Cindy give to her fathers other daughters.

Like a good christian should

[lee4]

02:51 PM on 10/18/2008

Zero. And zero to her two half sisters she doesn't think exist.
Google "Kemper Marley" for some history on Cindy's money.

[odoreida]

08:37 AM on 10/19/2008

One half sister has complained that she doesn't think her inheritance was big enough.
Funny that Hensley's been dead for eight years, but sister Kathleen waited until McCain's campaign to complain. And if the money is supposedly so tainted, why would Kathleen want any of it? I mean, she's not living on a dollar a month in a Maytag box in K eny a, is she? We haven't heard from the other half-sister, whose husband is a long-time Hensley employee. Presumably, she's happy with what she got.

[odoreida]

08:45 AM on 10/19/2008

He didn't give Kathleen "zero". She got $10,000. And we don't know what the other half sister, Dixie, got -- because she hasn't complained about it. So don't make things up. Dixie's husband was a long-time Hensley employee, so presumably she was okay with her bequest.

Interesting that Kathleen waited eight years until after Hensley's death to do her public weeping. Do you think somebody may have put her up to it?

[cdianne]

01:39 PM on 10/18/2008

BULLETIN: JOHN AND CINDY MCCAIN ARE TRYING TO BUY THE WHITE HOUSE.....

TUNE IN AT 11:00P.M. ON NOV. 4th FOR THE DETAILS

[ohjoy]

05:06 PM on 10/18/2008

The White House will be the one house their money can't buy. Not this time.

Obama's in the house! ;)

[odoreida]

08:39 AM on 10/19/2008

The McCain's have not used their own money, but Obama has spent unprecedented amounts of money in his campaign. That's buying the White House, as far as most of us are concerned.

[alais]

01:36 PM on 10/18/2008

PHILADELPHIA, PA.—Fueled almost entirely by book profits, Sen. Barack Obama (D-Ill.) and wife Michelle earned almost $7 million since he was elected to the Senate in 2004, with the couple reporting more than $4 million in income for 2007, according to returns released Wednesday.

http://blogs.suntimes.com/sweet/2008/04/fueled_by_book_profits_obama_e.html

[odoreida]

08:39 AM on 10/19/2008

Apparently, it's good to be a US Senator.

[hlthlvr]

01:26 PM on 10/18/2008

Cindy's wealth makes McCain's (projected) anger about Obama's comment to the plumber ("spread the wealth around some...") a little more understandable. He's scared someone would take HIS cushy lifestyle away :-)

[PeepingTom]

12:48 PM on 10/18/2008

I thought that was just a middle-class salary