Flat tax game changer?
Too depressed to file

Cindy McCain releases 2007 tax info

Our presidential candidate tax return voyeurism has now been satisfied.

Cindy McCain, who previously released some of her 2006 filing data, last night made public a couple of pages of her 2007 return.

Mrs. McCain, heir to beer distributorship, paid almost $1.14 million in taxes during 2007 on income of more than $4 million.

She and husband, Republican presidential candidate John McCain, regularly file separate returns. The McCain campaign issued a statement noting that the missus, like many of us, received an extension to file until Oct. 15. 

According to the return, around $2.9 million of Mrs. McCain's income came from "rental real estate, royalties, partnerships, S corporations, trusts, etc."

She also reported $746,000 in capital gains and a $297,000 salary.

Election year return roundup: With the release of Mrs. McCain's 2007 tax documents, political presidential personal tax transparency for this election year is complete.

Below is a quick look at all the candidates' and spouses' returns.

2007 Individual Tax Returns
Candidates and Spouses
Taxpayer
AGI
Tax owed
% of AGI
Cindy McCain
$4.2 million
$1.14 million
27%
Barack & Michelle Obama
$4.1 million
$1.39 million
34%
John McCain
$386,527
$118,660
31%
Joe & Jill Biden
$319,853
$66,273
21%
Sarah & Todd Palin
$156,080
$24,738
16%

You can read more in my previous posts here for Barack and Michelle Obama and John McCain filings; here for Sarah and Todd Palin returns; and here for Joe and Jill Biden filings.

And if you want to sort through the actual IRS paperwork for the candidates' most recent returns as well as, in several cases, filings going back many years, check out the Tax Analysts Tax History Project page on presidential returns.

Comments

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mapgirl

Ok. So what you just told me is that the McCains pay less in taxes than the Obamas and their tax proposals will likely benefit them and the Obamas. But the Obamas are willing to tax themselves to make the rest of us little people better off?

I don't care what John McCain's past sacrifices were in in POW camp. What's the sacrifice he's going to make now? What's he going to do now for all those vets coming back from Iraq with PTSD and all my peers who are afraid of the near future for their parents' healthcare and retirement?

Thanks for the other balanced posts about the tax policy of both candidates. I appreciate them a lot. Every candidate twists their spin, but straight talk on taxes can always be found here. Keep up the great work!!

overtaxed

But what does she actually DO for a living?

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