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Friday, May 23, 2008

Cindy McCain Releases Summary of Her 2006 Tax Return

In response to intense media pressure, Cindy McCain has released the first two pages of her 2006 tax return on the eve of the Memorial Day hoiliday weekend:

She reports $6,066,431 AGI, $569,737 of itemized deductions, and $1,730,952 in taxes (28.5% average tax rate), none of which is AMT.  She has not yet filed her 2007 return.  In contrast, her husband reported $386,527 AGI in 2007 and $118,660 in taxes (30.7% average rate), which included $5,413 in AMT.  Press and blogosphere coverage:

http://taxprof.typepad.com/taxprof_blog/2008/05/cindy-mccain-re.html

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Comments

With the benefit of John McCain's separate return for 2006 and now Cindy McCain's separate return for that year, would the filing of a joint return have benefitted them? If so, might this suggest a political motive for filing separate returns? If not, did the McCains combined save on 2006 taxes? Where's H & R Block when we need them?

Posted by: Shag from Brookline | May 24, 2008 4:18:19 AM