McCain Releases 2007 Income Tax Return
Republican John McCain today released his 2007 income tax return, which shows that while he's doing well, he's nowhere near rivals Hillary Clinton and Barack Obama.
The 71-year-old Arizona senator reported total income of $405,409 last year, and paid $84,460 in federal income taxes.
McCain files his taxes separately from his wife, Cindy, whose fortune is in the $100 million range. Because Arizona is a community property state, McCain and his wife each must report one-half of their shared income and expenses. So, though McCain reported $258,800 in taxable income on his 2007 return, the couple's joint taxable income was twice that amount. And overall, the couple's total earned income for last year was more than $771,000.
McCain's two Democratic rivals released information about their taxes earlier. Both Barack Obama and Hillary Rodham Clinton file their taxes jointly with their spouses, giving a broader picture of each family's wealth and income last year. Obama and his wife, Michelle, reported making $4.2 million in 2007, while the Clintons reported $20.4 million in income.
The 71-year-old Arizona senator reported total income of $405,409 last year, and paid $84,460 in federal income taxes.
McCain files his taxes separately from his wife, Cindy, whose fortune is in the $100 million range. Because Arizona is a community property state, McCain and his wife each must report one-half of their shared income and expenses. So, though McCain reported $258,800 in taxable income on his 2007 return, the couple's joint taxable income was twice that amount. And overall, the couple's total earned income for last year was more than $771,000.
McCain's two Democratic rivals released information about their taxes earlier. Both Barack Obama and Hillary Rodham Clinton file their taxes jointly with their spouses, giving a broader picture of each family's wealth and income last year. Obama and his wife, Michelle, reported making $4.2 million in 2007, while the Clintons reported $20.4 million in income.
Labels: 2008 Presidential Race, John McCain
posted by Mike McCarville @ 4:14 PM
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