Friday, April 18, 2008
Republican presidential candidate John McCain released his 2006 and 2007 tax returns. He filed as married filing separately and did not release his wife's tax returns. Here are the 2006-07 data for McCain, as well as for Hillary Clinton and Barack Obama:
McCain's press release explains his reasons for not disclosing his wife's 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) ...
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.
McCain also released the 2006 and 2007 tax returns of his family foundation, along with a list of the charitable gifts made by the foundation in 2006 and 2007. Press reports estimate that Cindy McCain is worth over $100 million, with most of that coming from the company started by her father, Hensley & Co. For press coverage of the returns, see: