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McCain's Financial Non-Disclosure
April 18, 2008 12:17 PM
Sen. John McCain, R-Ariz., today released his 2006 and 2007 tax returns.
He and his wife, Cindy, have maintained separate finances since the beginning of their marriage and, to paraphrase Willie Sutton, her finances are where the money is.
But McCain's campaign says he will not provide her tax returns. "As required by federal law and Senate rules, Mrs. McCain has released significant and extensive financial information through Senate and Presidential disclosure forms," the campaign says. "In the interest of protecting the privacy of her children, Mrs. McCain will not be releasing her personal tax returns."
Thus McCain's information is hardly the complete picture.
In 2006 he earned $161,675 in his Senate salary, $80,390 in book royalty income, $22,104 in Social Security income, and $56,496 in his Navy pension.
In 2007, those numbers were $161,708 in Senate salary, $176,508 from book royalties, $23,157 in Social Security, and $58,358 from the Navy.
McCain gives all of his book royalty income to charity, and the campaign says that since 1991 he has "also donated the increase in his Senate salary for that year and each subsequent year to charity because he opposed the Congressional pay increase at that time and pledged not to accept the pay raises."
But he will no doubt take heat over not disclosing his wife's finances since she is the reason they live such a comfortable life.
When this issue reared its head in 2004 with Sen. John Kerry, D-Mass., and his multimillionaire wife Teresa Heinz Kerry, the conservative Weekly Standard made an issue out of it, asking why she wouldn't release her returns.
As did the National Review.
As did Ed Gillespie, then the chairman of the Republican National Committee.
In May 2004 the Kerry campaign released a paltry two pages of information about her finances but it was never enough for those who believed in full disclosure
I guess we'll see if the conservative media and the RNC feel the same way this year. (Can you imagine the reaction if the Clintons attempted to do this?)
UPDATE: As fate would have it, we just finished up taping an ABC News Shuffle Podcast with Charlie Black, a senior adviser of Sen. John McCain's presidential campaign.
To listen to the full Shuffle Podcast click HERE.
And here are the relevant portions about this disclosure issue.
TAPPER: I want to start right off the bat with asking you about something that just landed in my inbox moments ago which is an email from your campaign saying Sen. John McCain has released his tax returns for 2006 and 2007. First of all it took a long time to get him to release these returns. Why was that and why would he be the third of the three candidates left to do that?
BLACK: Well,...it's pretty early in the campaign, I don’t know that there was any particular reason to do it earlier. They probably -- I wasn’t involved with the accountants or anything but they probably didn’t finish the 07 return until just recently since it was viewed this week.
TAPPER: Well, one thing that I am suspecting you’re going to get lot of heat for is the fact that Senator and Mrs. McCain, Cindy McCain keep their finances separate and you guys have decided not to release Cindy McCain’s returns. ...The millions of dollars that she has invested or whatever, the public is not going to find out about, because it says the desire or privacy of the children.
BLACK: Well, U.S. Senators file financial disclosures that are required every year. Presidential candidates file similar financial disclosures. The McCains have complied with that for the whole 24 years he’s been in public life. It’s a lot of information out their about the entire family’s holdings...You know I remember this same set of questions from four years ago when Teresa Heinz Kerry never disclosed her income taxes or much about her wealth. And the press and the American people seem to be fine with that. I don’t think that was a big issue in the election.
TAPPER: Well, I mean, for the record I wasn’t fine with it back then....They (the McCains) might keep their finances separate officially but ...they don’t live separate lives, her millions are part of his life so don’t you think the American people have a right to know about any conflicts of interest...Isn’t it keeping with Sen. McCain’s pledge of good government to release as much information as possible. Shouldn’t voters know about any possible conflicts of interest that exist between the McCains and the decisions that Sen. McCain might make as president?
BLACK: Well, look, there are none. He does believe in disclosing what’s required by the rules or by law and will answer any question about any penny of his own income. But a lot is known between what disclosures have been made and the news that has been reported over many, many years. I think anybody who wants to look into it knows that Mrs. McCain has a family business inherited from her father and that that is a principal, more than principal source of income and Sen. McCain has always been careful not to vote on issues involving that industry or that company.
TAPPER: It’s a beer distributor right?
BLACK: Right.
TAPPER: In terms of respecting the children’s privacy -- [an excuse given by the campaign for not releasing Cindy McCain's tax returns] -- is that because of trusts set up for the children?
BLACK: Yes
TAPPER: Couldn’t she disclose her information and just leave out the parts that have to do with trusts for the children?
BLACK: Well I’m not sure its that easy. Not to duck the question but our communications shop -- whose worked with the accountants and knows more details about this than I do -- might be able to explain it further. But I think there’s some complicated trust things that make it not easy to segregate all of that out. But again we’ve complied with the law. He’s happy to answer questions about his side of this. We don’t believe there’s anything significant about Mrs. McCain’s status that isn’t pretty well known to the press.
- jpt
April 18, 2008 | Permalink | Share | User Comments (51)
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I am just curious what sort of tax reductions did Senators,Congress and their wives get from the Bush tax cuts? Does anyone have the answer?
Posted by: marcus sutton | Sep 5, 2008 7:13:30 PM
is is crazy you know how easy it would be for her (who would also be in the white house) to do all his dirty work threw her and not him!!! i say if she doesnt want to be involved in the public life then get divorved or stay at home if he won and stop showing up on t.v. to back him!!!!!
its another hillary i tell you they act like they can have it what ever way they want it who is suppost to be in charge us not you not hillary not obama us and we want to see who we would be putting into the job its like going to a job interview and refusing to let them see your resume!
Posted by: melissa | Apr 21, 2008 7:32:09 PM
John McCain is hidding his wife's connections that is why he and his wife will not release all of their tax retuns for the last 15 years.
Posted by: Liesand hiddentruth | Apr 20, 2008 11:07:12 AM
Dr Hubert writes, "At the same time, Senator Obama stated that Sen. John McCain is too old to be President at the age of 71."
=========================
If you don't mind Dr. Hubert, could please provide a LINK for your source? You would think that if Obama (who has been questioned about the comments of others, not wearing a flag-pin, etc.) would have ACTUALLY made such a comment it would have been on every single channel known to man. Clearly you are a liar. I challenge you to prove otherwise.
Posted by: Dems | Apr 19, 2008 2:05:26 PM
Wake-up America
Americans proudly saw Pope Benedict XVI turn 81 during his ongoing visit to the United States. Everyone knows that Pope Benedict XVI runs the largest organization (Catholic Church) on earth without any loss in his mental abilities. Since age seems to be part of the ongoing presidential primaries, this issue requires further discussion. During the recent ABC debates, Sen. Barack Obama stated that he plans on increasing the mandatory retirement age for Social Security recipients an additional 10 years. At the same time, Senator Obama stated that Sen. John McCain is too old to be President at the age of 71.
Therefore, the Senator from Illinois logic does not make sense. If forcing Americans to work an additional 10 years (minimum age of 77) to be eligible to get Social Security benefits, then one would think that Obama believes that this age does not influence one’s ability to work in any profession. Using Sen. Obama’s logic, then having a President at a young age of 71-75 counters Obama’s logic. Obama’s attack on McCain’s age is nothing more than political attack. It seems that young politicians with limited knowledge that are 41 (or younger) need more experience that time brings.
Other issues require further investigation. First, as Americans know, Sen. Obama believes that anything that his campaign committee says is not his responsibility. So will Sen. Obama govern his cabinet in the same manner as he has done with his election committee? Either is he responsible or he is not responsible. How can he run America if he will never be responsible for any one that he selects to crucial positions. Such a government would result in total chaos. Second, since 50% of Obama’s contributors are from those that have given him $1,000, I do not know many Average Americans that can afford to be so generous.
Finally, during the ABC debates Americans saw first hand that the Senator from Illinois’ tax plan requires further study. Senator Obama almost made a commitment that he would not tax the Middle Class making under $200,000. However, the Senator from Illinois’ tax plan does not support this comment. Also, his tax plan does not protect retirees. The Senator from Illinois made this issue clear during the same debates. Senator Obama stated that he would put a $75,000 cap. Then the Senator from Illinois suggested that this cap was not off the table since Senator Obama believes he knows what is best for America. American’s know that the media will never question him. However, the average American has the right to question anyone wishing to become an America President.
Posted by: Dr Hubert, Lt Col, USAF Retired | Apr 19, 2008 1:46:51 PM
Redundant
I was mulling over the ABC debate this morning and the moderators' claim that knocking Obama with a more or less uninterrupted stream of Swift Boat gotchas was justified by focusing the debate on 'electability'. And it occurred to me that we have now crossed an important threshold where the Republican operative cadre has sufficiently disciplined and trained the press (and more than a few Democrats) that their own role may simply be redundant.
Think about it. Organized campaigns of falsehoods, distortions and smears used to be something most people thought of as a bad thing, if not something that's ever been too far removed from American politics. Now, however, members of the prestige press appear to see it not as a matter of guilty slumming but rather a positive journalistic obligation to engage in their own organized campaign of falsehood, distortion and smear on the reasoning that it anticipates the eventual one to be mounted by Republicans. In other words, we've gotten past the debatable rationale that journalists have no choice but to cover smears and distortions once they're floated into the mainstream debate to thinking that journalists need to seek out and air smears and distortions on the grounds of electability, as though the mid-summer GOP Swiftboating was another de facto part of the election process like primaries, conventions and debates.
It's an expansive rationale under which Gibson and Stephanopoulos may have failed their civic responsibility by not pressing the point of whether Obama is a hereditary Muslim or his mother had a predilection for dark-skinned socialists.
As I've noted it's pretty nauseating and disillusioning that Sen. Clinton has now also convinced herself that she's providing a service by mounting her own Swift Boat campaign. BUT SHE IS AFTER ALL RUNNING A CAMPAIGN.
In any case, at this stage it's not even clear the GOP slimesters ever have to come on the field. Journalists recognize their obligation to seek out potential Swift Boat tactics and do the job for them.
--Josh Marshall
Posted by: fjschmi | Apr 19, 2008 9:37:55 AM
"Sure don't remember last elections Democrate Swift Boat nominee showing his wife's vast Hines fortune?"
Well, that's the point. Nobody is claiming she's required to to disclose her finances. The real question is if the right-wing noise machine that howled about Heinz doing the same thing will gripe about McCain too, or if they'll be the usual hypocrites. I know what I'm expecting.
By the way, I think it's hilarious when people like you use "swift boat" like it's an insult. It's an admission that Kerry actually fought in a war, unlike your heroic AWOL Bush. I suggest you try to remember what words actually mean, not the propaganda your blowhard leaders have tried to twist them into.
Posted by: Kevin | Apr 18, 2008 5:24:31 PM
That is a hard one. But, I do think we should know if she has profited from any legislation the her husband promoted or voted for. Also he uses her corporate jet for his campaign.
Posted by: Tina D | Apr 18, 2008 4:42:30 PM
"More class envy from ABC and liberals. If you want more money or a better life, then WORK FOR IT!!"
Hmmm. I thought the only McCain did to get to the Beer Fortune was betraying and leaving his wife and children, and courting and marrying Cindy.
Posted by: kirsten | Apr 18, 2008 3:47:16 PM
It is a very important issue. What are her investments? Where is she making her money from? This could have a huge influence on lobbyists, PAC's etc.... You sound very elitist Helen, trying to protect the massive wealth of McCain's dynasty. What are they hiding, huh Helen?
Posted by: It is an issue | Apr 18, 2008 3:26:25 PM
Federal judges get their social security, too. In fact, if they retire at 65, they get their social security and their full paycheck -- you can't diminish the salary of a federal judge in his lifetime. It is not unusual for McCain to get the money he gets. Moreover, his wife is not running for president. If they've always kept their money separate, why should it now be an issue for you? It's none of your business. Worry about issues.
Posted by: Helen | Apr 18, 2008 3:20:10 PM
So Honest, John McCain gets more than your hubby, isn't that to bad. I suppose Hil and Bill get less than your Hubby. While John McCain sat in a Viet Nam prison camp for 5 yrs getting tortured where was Bill. Oh yes, I remember now in England protesting the war and giving comfort to the enemy. Also where was your hubby during this time. The social security argument is moot because at 70 you have to take your social security. As far as a military pension goes if some of you whiners would have got off your dead butts and served honorably like some of us did you might have a military pension to be able to give away as you want McCain to do.
Posted by: Tim | Apr 18, 2008 3:19:12 PM
Isn't it odd that ABC tends to focus on issues that are really not the most important issues of the day... like say the IRAQ INVASION... the US liability for hundreds for thousands of innocent civilian casualties, the hundreds of thousands of US casualties? GITMO? WIRETAPPING CIVILIANS WITHOUT A SEARCH WARRANT... the list is endless... Nooooo we are sidetracked LIKE CHUMPS onto emotional issues that are by comparison MEANINGLESS! This entire nation is a nightmare.
Posted by: RW | Apr 18, 2008 3:13:04 PM
how can his income be more than $300k and $400k and SHE'S the reason they live comfortably? HE lives comfortably on his own!!! GEES!!
Posted by: Ben | Apr 18, 2008 3:11:01 PM
WHY WILL HE NOT SIGN THE NEW GI VETERANS BILL????
Posted by: payo | Apr 18, 2008 3:08:59 PM
Looks like Hillary Clinton is silanced on this issue of McCain's disclosure - may be it is a"Right Wing" conspiracy. The Clintons and the McCains are not hurting, they cannot relate to average, hard working Americans. Come on Hillary, call on McCain to disclose including his wife who is aiming to enter the White House - is'nt she?
Sincerely, Lake , a Native American Writer.
Posted by: Lake Hart - A Native American Writer | Apr 18, 2008 3:08:01 PM
SIGN THE GI VETERANS BILL !!!! YOU OF ALL PEPOLE SERVED THE COUNTRY SIGN THE BILL SENATOR MCCAIN!!!!!
Posted by: payo | Apr 18, 2008 3:05:26 PM
By NOT releasing his wife's income, when the other candidates released their spouse's incomes, it looks like John McCain has something to HIDE!
Posted by: KYJurisDoctor | Apr 18, 2008 3:03:36 PM
McCain is SCUM and a Bush clone. If you guys are not happy with McWar, why don't
you look in to voting for RON PAUL??? He
is still running for president. They media DO NOT want you to know about him. That is why they have trashed RON PAUL. Ron has been right on about what is going on with our crooks in Washington and Bush devaluing our currency intentionally. Better start waking up and look into the NEW WORLD ORDER. It is real people. VOTE RON PAUL ......
Posted by: Sylvia | Apr 18, 2008 2:36:50 PM
Democrats criticized Dan Quail’s service in the reserves, Bill Clinton’s burnt draft card was okay since that was a long time ago. George W. should have served in the regular Air Force instead of the National Guard. Neither Hillary or Obama had military service although Hillary is a decorated combat veteran since she ducked sniper fire in Bosnia. LOL. Gore has 3 large mansions with a heated pool, private planes, helicopter, 4 kids with 4 cars which has to burn more gas than my one daughter with one car. Then he says I’m polluting too much. Democrats say they are the party of the poor but the richest in the US are Democrats. Democrats are Hypocrisy personified. ..... And Ms Kerry is a multi-Billionaire not a multi-millionaire.
Posted by: jijalagi | Apr 18, 2008 2:33:07 PM
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