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Cindy McCain's Tax Return

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from: Bonnie Goldstein

Posted Tuesday, May 27, 2008, at 2:00 PM ET

Sen. John McCain, the presumptive Republican presidential nominee, released his 2006-07 tax information in April, but Cindy Hensley McCain, his wife of 19 years and heiress to a lucrative beer-distributor fortune, did not. (The couple files its tax returns separately.) Cindy refused to make public her tax returns "in the interest of protecting the privacy of her children." Last week she relented a bit and the McCain campaign released a two-page 1040 form from her 2006 return (below and on the following page), showing that she paid $1.7 million in federal taxes. The candidate's wife requested and was granted an extension to complete her 2007 return.

Cindy's annual income for 2006 was more than $6 million, including $4.5 million from "rental real estate, royalties, partnerships, S corporations, [or] trusts" plus over $1 million in capital gains and dividends. Her Schedule B, D, and E forms would shed light on the latter but were not included in the disclosure. Clearly, though, Cindy would benefit from her husband's tax-cut plan, which includes lowering taxes on dividends and capital gains to "promote saving" and to "channel investment dollars to innovative, high-value uses."

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hot document
entries
12
from: Bonnie Goldstein

Posted Tuesday, May 27, 2008, at 2:00 PM ET
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Bonnie Goldstein is a former special investigator to the U.S. Senate and investigative producer for ABC News.
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