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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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Posted by: Karen | Apr 18, 2008 2:31:12 PM
Obama has a bunch of sicko's with little class blogging. Good for McCain and Cindi to have separate returns and money. I like that. Maybe Obama should release his tax info from his IL senate years and be transparent. You walk like you talk.
Posted by: John | Apr 18, 2008 2:30:09 PM
Mrs. McCain owns a private corporation.....if she released her financials, her competition would see them. That is not fair to her company and employees.
Posted by: K-Lo | Apr 18, 2008 2:26:50 PM
Where is Hilary now? if this where Obama Hilary would have been blowing the trumpet. Its obvious that she's going to defect to Republican when she finally loose. In short she should leave the race and go back home to give Bill food before he goes outside to eat again. You know he like 19 year old or interns's food alot. lol.
Posted by: KC, NY | Apr 18, 2008 2:24:01 PM
Hi Mary, did you notice that Senator McCain even got a increase from 2006 ($56,496) to $58,358 in 2007. Perhaps if he's so rich from his wife's earnings he could donate the earnings from the Navy back to the soldiers.
It's unbelievable that he would even consider voting against a raise for the soldiers.
That is really SAD!!! :~(
Posted by: 1968WhoWasI | Apr 18, 2008 2:18:38 PM
Where was Hillary's and Georges flag pins?
Posted by: Tom | Apr 18, 2008 2:14:08 PM
Nice hatchet job on Obama, but where were the issue questions? I hope you do better with McCain, so he can go off on Geroge.
Posted by: Gerald | Apr 18, 2008 2:13:11 PM
How can he still collect Social Security with his salary? I can't do it.
Posted by: Tom | Apr 18, 2008 2:11:10 PM
It seems that if you run for President you aren't privledged in the since of disclosing income sources. He is in a family with his wife? He gains from a Billionaire lifestyle but wants pity that he is not. What portion of her wealth is donated to charity? IF you want to be know as generous let's see the hole picture. Seems like a double standard for McCain. If I had a billionaire wife I would work for free and not take a salery, Big Woopie.
Posted by: Dave | Apr 18, 2008 2:09:14 PM
You know, this is more confirmation that Republicans are the most duplicitious, hypocritical beings in creation! They sure know how to dish out the dirt and name-calling, but certainly can't take it. Everyone knows full well that if Obama or Clinton ran the country like Bush they would have convened impeachment proceedings long ago. On one hand you can understand and empathize with Ms. McCain not disclosing. But there is the issue of any possible conflicts of interest that the American public will have no knowledge of. Furthermore, if Ms. Obama had taken the same stance they'll be stating this is another indication of her 'unpatriotic' views of America! Republicans are like nasty little school yard bullies who cry if they get punched back!
Posted by: RAY IN NJ | Apr 18, 2008 2:05:33 PM
Wow Tammy, '...why most Americans hate Republicanism.' Rather presumptive of you to speak for most Americans.
Fortunately since most Americans aren't pinheads like you, we know better.
I think it would be the right thing for the McCains to disclose everything, irrespective if it's legal to keep it private. Senator McCain prides himself on being straight and open so this hardly seems something on which to declare privacy.
Posted by: Ted | Apr 18, 2008 1:55:53 PM
Why should he have to declare his wife's earnings? She has nothing to do with what he earned.
Sure don't remember last elections Democrate Swift Boat nominee showing his wife's vast Hines fortune?
Posted by: Ken Durbin | Apr 18, 2008 1:41:22 PM
I think some Republicans made wrong strategy. They should turn down Obama first, let Hillary and McCain compete. Either of them wins, I don't mind. Because they represent the American's tradition, the root, the majority force. They will continue treating the minority fairly.
Do you really think Obama will bring Repulican together if he is elected?? This is his political gesture. As a so undecisive person, what DARE he do?? Did you watch the debates? How timid he is? Did he see his accomplishments? How timid he shows? He strongly attacked McCain, that means he WILL NOT unite Republicans if he is elected. He is so young, so inexperienced, he just blindly attacked McCain, he is the one doesn't respect hard working.
Posted by: golfgirlusa | Apr 18, 2008 1:18:33 PM
Good reporting Jake. I'm sorry, Ms. McCain, but when you run for President, you 'kinda' give up the right of privacy. This is a lame excuse, and they don't want to seem like they're gazillionaires. As Jake said, let's see how the wingers react this time.
Posted by: David | Apr 18, 2008 1:13:47 PM
I think the media is silly. They dig Hillary and McCain so much. Too Silly.
Hillary and McCain are the two we've known for so many years.
Why not dig Obama more? If he is president, what will we get?? Anti-American spirit?? Bitter story?? Speeches with empty substance?? Raises in captal gain??? Friendship with terrorists?? An example of not covering heart when singing national song?? Grow in rocket speed and give kids an example that not need work hard to achieve the highest rank in the strongest country of the world??
Posted by: golfgirlusa | Apr 18, 2008 1:11:42 PM
Jake, Clinton has not released her 2007 tax returns which would show money from the partnership of berkel.
Posted by: Jason | Apr 18, 2008 1:09:46 PM
McCain gets social security money because he paid into the system for 22 years in the military.
McCain is the only candidate who doesn't take royalties from his books. McCain donated all 1.8 million of the royalties from his books.
While candidate Clinton took 8 million on one book and other money for another for herself and Bill took 10 million and Obama took 4 million.
McCain is the only one in the senate who refuses to take salary increases for his senate career.
McCain hasn't taken a salary increase in the senate since 1991 saving the taxpayers 450,000. Obama and candidate Clinton have taken a salary increase every year they have been in the senate.
Clinton is charging interest for her 5 million loan. Why are the dems not taking candidate Clinton to task over this. She is worth 109 million but is charging interest to herself and won't pay the small vendors.
Posted by: jason | Apr 18, 2008 1:07:53 PM
I'm a Democrat but... the law's the law and, if McCain has chosen to not disclose Cindy's tax returns, so be it.
I wish we could get to the real issues and let this stupid stuff go.
Posted by: Kay | Apr 18, 2008 1:01:20 PM
When McCain went broke he couldn't tap into his wife's money. They are listed under her name so he couldn't tap into them.
Big difference when Clinton went broke she tapped into Bill's money from Columbia and Dubai.
Hey Jake Tapper:
Where is the headline Clinton non disclosure.
Clintons haven't released their 2007 tax returns when Clinton got all that money from his partnership with berkel.
Clintons haven't released their public schedule from 2000-2006 and they are afraid the republicans will get the list from the secret service and that it is embarrassing.
Clinton hasn't released her earmark projects.
Clinton hasn't released the names of foreign donors to the Clinton library.
Is ABC now the All Bill Clinton network.
Posted by: Jason | Apr 18, 2008 1:00:52 PM
Charities like the Clinton's the McCain foundation. Why not list the charity.
Posted by: merle7 | Apr 18, 2008 12:56:40 PM
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