McCain releases tax returns
The GOP front-runner reports earning about $418,000 in 2007, up sharply from $320,000 in 2006. Clinton and Obama keep focus on Pennsylvania primary.
Sen. John McCain, the presumptive Republican presidential candidate, released his tax returns this morning, in an individual filing that did not include his wife's far larger holdings.
As they have in the past, McCain and his wife, Cindy, again filed separate returns, according to a statement released by the campaign. The McCains have filed separate returns throughout their 27-year marriage.
Cindy McCain, is an heiress to a Phoenix-based beer distributing company. Her worth is estimated at more than $100 million.
According to the campaign, McCain in 2007 reported about $418,000 in actual income, a sharp increase from about $320,000 in the previous year. The bulk of the growth was from book royalties, which increased from $80,390 in 2006 to $176,508 in 2007.
In 2007, McCain also earned $161,708 from his Senate salary representing Arizona. He received $23,157 in Social Security income and $58,358 from his Navy pension, which is non-taxable.
According to the campaign, McCain paid $84,460 in federal taxes on a taxable income of $258,800, a rate of 32.6%, in 2007. The previous year, he paid $72,771 in federal taxes on a taxable income of $215,304. The campaign said that worked out to a 33.8% rate.
According to the forms, McCain gave $105,000 to charity and also donated $177,000 in royalties from five of his books, including the biographical "Faith of My Fathers" and "Worth the Fighting For."
Because Arizona is a community property state, McCain and his wife each must report one-half of their shared income and expenses, so the returns give a glimpse into her wealth. The couple's joint income was about half of a million dollars. Cindy McCain's income from the beer distributorship, Hensley & Company, was $432,991 in 2007.
Most Americans filed their tax returns this week, and it has become a ritual, especially in political times, for candidates to do so as well.
Earlier this week, Democratic presidential hopeful Barack Obama and his wife, Michelle, reported making $4.2 million last year, also a sharp increase as royalties from his books, "Dreams From My Father" and "The Audacity of Hope" climbed.
The Obamas paid federal taxes of $1.4 million and donated $240,370 to charity.
Sen. Hillary Rodham Clinton and former president Bill Clinton reported $20.4 million in income for 2007 but have asked for an extension on filing their returns. Almost half the former first couple's money came from Bill Clinton's speeches.
