McCain's tax returns reveal wealth, donations

THE ASSOCIATED PRESS

April 19, 2008

WASHINGTON - Republican presidential candidate John McCain has a Senate salary, a Navy pension, monthly Social Security income, book royalties, and a wealthy wife.

He also donated more than $100,000 last year to charitable organizations.

Much of the contributions went to a family foundation, which in turn donated to an organization that helps victims of facial deformities.

In all, the 71-year-old Arizona senator reported total income of $405,409 last year, and paid $84,460 in federal income taxes.

The Republican presidential candidate 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 routinely is ranked among the richest in Congress, but he and his wife have kept their finances separate throughout their 27-year marriage.

A prenuptial agreement left much of the family's assets in the name of Cindy McCain, heiress to a Phoenix-based beer distributing company.

McCain's tax return, released yesterday, indicated that he paid $84,460 in taxes on taxable income of $258,800. He gave $105,467 - a quarter of his earnings - to charitable organizations.

McCain's tax return

Total income: $405,409

Taxable income: $258,800

Federal tax: $84,460

Donations: $105,467