No tax transparency from Cindy McCain

May 9, 2008

If John McCain wins in November, don’t expect to ever see his wife’s tax returns.

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"You know, my husband and I have been married 28 years and we have filed separate tax returns for 28 years. This is a privacy issue. My husband is the candidate," Cindy McCain said in an NBC Today show interview aired Thursday (video here; transcript here).

As blogged about here, the Arizona senator released his married filing separately tax return last month. His wife’s return was not made public.

She’s heiress to a Phoenix-based beer distributing company with a reported fortune in the $100 million range. Thanks to a prenuptial agreement, much of the family’s assets are solely in Mrs. McCain’s name.

Political scolding: As expected, much is being made by political opponents about Mrs. McCain’s decision to keep her tax data to herself.

Democratic National Committee Chairman Howard Dean said Cindy McCain’s refusal to release her tax returns gives the appearance of a double standard on the part of her husband.

"What is John McCain trying to hide?" asked Dean in a statement. "Throughout this campaign, he has acted like his own calls for openness and accountability apply to everyone but himself. Now he thinks he can bring that same double standard to the White House."

In response, Republican National Committee spokesman Danny Diaz said, "Howard Dean continues to lower the bar in this election."

Who really cares? Aside from satisfying our society’s current celebrity/tabloid thirst for tell-all personal details, what purpose does release of tax returns really serve?

The whole process is voluntary and the details revealed range from bare bones (see Dick and Lynne Cheney) to TMI (35 pages from the Obamas; they’re obviously new to this!).

I don’t really care what any candidate or sitting lawmaker at any governmental level makes as long as he or she reports it all to the IRS and/or applicable state tax collectors.

If the feds or their state/local cousins are investigating a candidate for suspected tax evasion (see Al Franken), that’s when I want to know all the dirty allegedly law-breaking details.

Otherwise, the only return I’m going to worry about is my own.

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Tax Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

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
  • Well considering he lied about his age and made himself 4 yrs younger, and she lied about her age to make herself 4 years older, I think it still doesn’t matter if she reveals her finances or not.
    Considering that she comes from her own wealth that is under a prenup agreement, it’s probably in her best interest to keep her finances to herself. I would if I were her. She knew he was a politician when they got together. In the end, if things go south, there is probably protection for her in the separate filing.

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