McCain releases taxes, made the least in 2007

McCain alone made $405,000 in 2007 individually. The returns for his wife, with an estimated $100 million worth, have not been released, and probably won’t be. So of the three candidates, McCain made the least in 2007 with his wife racking in the big bucks. Obama made over $4 million from his books and Hillary Clinton also pulled in tens of millions of her book sales. Note to McCain: write a book while you’re running for President!

Here’s the report on it from Fox News:

WASHINGTON — Republican presidential candidate John McCain earned a total of $405,409 last year and donated a quarter of it to charity, according to tax returns that provide only a partial picture of his family’s enormous wealth.

His 2007 individual tax filing does not account for his wife’s estimated worth of $100 million.

McCain and his wife, Cindy, have kept their finances separate throughout their 27-year marriage, and long have filed their taxes individually.

The Arizona senator routinely is ranked among the richest in Congress. But a prenuptial agreement has kept most of the family’s assets in the name of his wife, an heiress to a Phoenix-based beer distributing company.

Released Friday, McCain’s return indicated that he paid $84,460 in taxes on taxable income of $258,800. He gave $105,467 to charitable organizations, most of which went to the John and Cindy McCain Family Foundation. The foundation then distributed much of the money to charities. The donations include royalties from five of his books, including the biographical “Faith of My Fathers” and “Worth the Fighting For.”

His income included his Senate salary of $161,708, a Navy pension of $58,358 and Social Security income of $23,157. His return shows that he paid $17,700 in alimony last year; he and his first wife divorced some three decades ago.

Aides say Cindy McCain will not release her tax returns to protect the privacy of the couple’s four children; details of their wealth are included in her filing.

On the surface, McCain donating 25% to charity seems high compared to less than 10% for Obama and around 20% for the Clintons. However, if McCain donated 25% of his personal income, which would be around $100,000 donated, that’s minuscule compared to his wife’s massive income. She will not be releasing hers so we don’t know if McCain is more generous or not than his Democratic opponents.