Among pressure to prove that there was nothing to hide, Senator John McCain and his wife, Cindy, announced last week that, despite earlier comments that they would not release Ms. McCain’s tax info, they would do so. The information was made public and is available on McCain’s web site.
Senator McCain had previously released his personal tax information. The Senator and his wife filed separately in 2007, as they had done for the past 27 years.
The McCains did not release the entire tax return – only a two page summary. The summary revealed that Ms. McCain received a salary of $299,418 and interest of $40,488. She reported taxable gains of $743,476. The lion’s share of her income, $4,551,901, was reported on Schedule E. Schedule E includes income from rental real estate, royalties, partnerships, corporations or trusts. The information which was released to the public did not include a Schedule E nor explain the source of that income.
The tax information is only for the tax year 2006. Ms. McCain (like me) had requested an extension for 2007.
In response to the release, a spokeswoman for the Democratic National Committee said, “It is laughable for the campaign to release so little information and say they are being transparent.” The Republican National Committee noted that Ms. McCain had released more information than her predecessor, Teresa Heinz Kerry, in 2004. Both had similarly claimed that such information should be private… should it?Want more taxgirl goodness? Pick your poison: You can receive posts by email, follow me on twitter (@taxgirl) hang out with me on Facebook and check out my YouTube channel.