Obama and McCain release tax returns

The final two presidential candidates have made their 2007 tax returns public.

With the release of John McCain's 2007 Form 1040 and additional schedules, as well as Barack and Michelle Obama's filing for last tax year, the baring of candidate tax souls is, for the most part, complete.

We still have to wait for the actual return from Hillary and Bill; they got an extension. But you can see the basic numbers for the Clintons, as well as the returns of Dubya and Laura Bush and Dick and Lynne Cheney in my previous post on Presidential (and wannabe) tax returns.

Below are the very basics from the Obama and McCain returns.

You can see McCain's full 2007 return here. The Obama's tax paperwork for last year is available here. Both returns are large PDF files, so it might take a while for them to open.

A few items of note: Unlike the Bushes, Cheneys, Clintons and Obamas, John and Cindy McCain file separate returns. Only his has been made public.

McCain also is the only candidate (or current Administration occupant) receiving Social Security benefits. He got $23,157 last year, of which $19,683 was taxable.

The GOP presidential candidate also noted on his return that he was older than 65. If he had taken the standard deduction, that check box would have given him a larger standard amount to write off. But since he itemized, the acknowledgment of his age was immaterial.

Both McCain and the Obamas claimed dependents, McCain's son John and the two young Obama daughters.

But neither McCain nor the Obamas could claim the child tax credit because of the tax break's earnings limitations. The credit amount is reduced by $50 for each $1,000 (or fraction
thereof) by which a taxpayer's modified adjusted gross income exceeds
the threshold amount for his or her fling status.