Cindy McCain relents, releases tax info

May 23, 2008

Cindy "Mrs. GOP Presidential Nominee John" McCain today did what she previously vowed she would never do: make her tax returns public.

Cindy_mccain
The wealthy heiress of a large Arizona beer distributorship had come under attack for keeping her tax data private. Critics said it
reflected poorly on her husband’s ostensible commitment to government transparency.

The McCain campaign made public only his wife’s 2006 Form 1040, not any supporting schedules or documents.

On that form, she listed itemized deductions of nearly
$570,000, with about $4.5 million in income from partnerships, trusts
and rental real estate, and another $743,000-plus from capital
gains.

And like a lot of folks, she overpaid. Her refund, however, was much larger: almost $300,000.

The McCains routinely send the IRS two 1040s under the married-filing-separate status. He released his 2007 return in April (blogged about here).

Click here to see Mrs. McCain’s 2006 Form 1040, courtesy of Tax Analysts’ Tax History Project. That site also has tax info on the McCain Family Foundation for the 2006 and 2007 tax years.

You also can read about other candidate returns, as well as those of Dubya and Dick, in this previous blog item.

McCain’s week that was: It’s been a, shall we say, interesting week for McCain, who has wrapped up the Republican nomination, what with some of his campaign staff departing, of their own volition and/or being asked to do so, because of lobbying connections.

Then came the unexpected release of Cindy McCain’s tax information on the heels of the 71-year-old candidate’s medical records.

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Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • So, revealing your partner’s private information is a requisite of government transparancy? Seems like a woman (even an independantly wealthy one) is still treated as just as an appendage to her husband in the US. Not really surprising since the Democratic campaign is showing that while racism is reviled, sexism is still commonplace. Every second commentator emphasises that Obama is the first “viable black presidential candidate”, but neglects to mention that Clinton is the first “viable female presidential candidate”.

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