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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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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (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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