The L.A. Times continues to to tell us that Sen. John McCain reported income of $405,409 last year, but the money he spent on charitable contributions, wages to household staff, alimony and taxes ate up most of that -- showing how his wife, Cindy, helped support a wealthy lifestyle.
McCain, the presumptive Republican presidential nominee, has never before released his tax returns. Outside groups estimate the McCains' combined wealth to be between $28 million and $100 million.
"John McCain's lack of transparency is troubling and raises questions about what he's hiding," Democratic National Committee Chairman Howard Dean said in a statement Friday.
Asked whether his wife was supporting him, McCain's campaign staff offered a separate income calculation for 2007 showing that the senator's surplus income after expenses amounted to about $64,000 and suggested that he was providing for himself.
The 2007 tax return shows that McCain gave $105,467 to charity, most of it to a family foundation that supports surgery for disfigured children and clears mines abroad. The contribution included all of McCain's earnings from his books.
McCain paid about 29% of his total income and 31% of his adjusted gross income in taxes to the federal government, avoiding tax shelters and even avoiding taking deductions for routine expenses for his business as an author of books. He also paid $34,000 in Social Security and Medicare taxes for his staff.
McCain paid $5,413 in alternative minimum tax, an assessment hitting more and more middle-class Americans and one that the senator wants to eliminate. The return also shows McCain paid $17,700 in alimony to his first wife, Carol, whom he divorced in 1980.
McCain earned a total of $257,000 from book royalties in 2006 and 2007, donating all of it and additional contributions to charity, with half showing up on his return and half on his wife's.
It seems that the press is heavily focused on the tax return situation of the McCain's... I am still trying to figure out if this story is meant to damage the respect level of the Sen. for trying to make it seem as if Candy McCain is the one wearing the "financial pants" in their marriage or if the press is more so trying to focus on whether John McCain may be doing something shady with his income.
To me, I don't think it should be a factor in any marriage who is making more money and I definitely don't think that we have to be so daft as to let something like this hurt a mans reputation.
If there is shiestyness going on with Sen. McCain's income then I say make it public! But I think it's pathetic that people are trying to make him appear inadequate because Cindy McCain may be making larger financial contributions than he is.
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