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So that’s why Mrs. McCain didn’t want
to talk about her taxes

June 29, 2008

Remember when Cindy McCain, wife of presumptive GOP presidential candidate John McCain, took a hard line about not disclosing her tax filings?

Of course, that was specifically about revealing her federal tax returns. And, of course, political pressure prevailed and she released a little bit of information.

It now appears that Mrs. McCain had good reason to be leery of opening up her tax life. Newsweek reports that the property tax on a piece of California real estate owned by the McCain trust has gone unpaid for four years.

According to the article in the upcoming July 7-14, 2008, issue, San Diego County officials sent tax notices on the oceanfront condo in La Jolla for four years without receiving a response. The tax bills were mailed to a Phoenix address associated with Mrs. McCain’s trust, but were returned by the post office.

A McCain campaign aide, who requested anonymity, told Newsweek that an elderly aunt of Mrs. McCain’s lives in the condo, and the bank that manages the trust has not been receiving tax bills on the property. The condo is just one of seven properties the couple owns.

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However, after the press inquiry, the McCains took steps to correct the delinquent property tax situation.
The McCain trust has now paid, according to Newsweek, San Diego County $6,744.42.

That’s a start. But county officials say the trust still owes an additional $1,742 for this year, an amount that is overdue and will go into default July 1.

The San Diego County treasurer told Newsweek that about 3 percent of the county’s approximately 1 million property owners default on their property taxes each year. The county assesses a 1.5 percent penalty for each month a property tax bill is unpaid. The houses are put up for sale after five years of unpaid taxes.

Whew! The McCains got in just under the wire! They should send the nosy reporters a thank you note.

In addition to the Newsweek story, you can read more about the McCain property tax debt at TPM, Capitol Hill Blue and The Huffington Post.

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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.)

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