McCain Releases Tax Records


April 18th, 2008

From Drudge:

Senator McCain’s tax returns show that he paid $157,231 in federal taxes for 2006 and 2007. In the past two years, Senator and Mrs. McCain have contributed $340,323 to charitable causes.

SUMMARY OF TAX RETURNS

Taxes Paid:

For 2006, Senator McCain paid $72,771 in federal income, alternative minimum, and self-employment taxes (LINES 57 and 58) on taxable income of $215,304 (LINE 43), which is a 33.8% tax rate. View For 2007, Senator McCain paid $84,460 in federal income, alternative minimum, and self-employment taxes (LINES 57 and 58) on taxable income of $258,800 (LINE 43), which is a 32.6% tax rate. View Charitable Contributions:

Senator McCain donates his royalties from his books to charitable organizations. This sum has totaled over $1,800,000 since 1998 when he signed his first book deal. Senator McCain’s book income of $256,898 for 2006 and 2007 is comprised of earnings for Faith of My Fathers, Worth the Fighting For, Why Courage Matters, Character is Destiny, and Hard Call.

Beginning in 1991, Senator McCain has also donated the increase in his Senate salary for that year and each subsequent year to charity because he opposed the Congressional pay increase at that time and pledged not to accept the pay raises. The cumulative total of these donations is over $450,000. 2006

In 2006, Senator and Mrs. McCain donated $129,390 from community assets to charity, of which Senator McCain’s one-half allocation was $64,695. This is 19% of his adjusted gross income. 2007

In 2007, Senator and Mrs. McCain donated $210,933 from community assets to charity, of which Senator McCain’s one-half allocation is $105,467. This is 27.2% of his adjusted gross income for the year. Most of Senator McCain’s contributions were made to the John and Cindy McCain Family Foundation, which makes direct contributions to charities. The Foundation’s tax returns for 2006 and 2007, which include a list of the charities to which Senator and Mrs. McCain contributed through the McCain Family Foundation in 2006 and 2007, are available for download below. (2006 - 2007)

SUMMARY OF SENATOR MCCAIN’S ACTUAL (NOT COMMUNAL) INCOME
[FROM STATEMENT A OF TAX RETURN]
2006 2007

Senate Salary: $161,675 $161,708
Book Royalty Income: $80,390 $176,508
Social Security Income: $22,104 $23,157
US Navy Pension*: $56,496 $58,358



Posted in John McCain |

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