Apr 19, 2008 01:38AM GMT
Question
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Politics - United States
Sen. John McCain's Finances: Are they different than you expected?
McCain Gets $45,000 in Social SecurityBy Amanda Carpenter
Friday, April 18, 2008
GOP presidential candidate John McCain released his 2006 and 2007 tax returns Friday, showing he earned more than $740,396 in the last two years combined---$45,261 of which comes from Social Security.
The forms are available to the public HERE.
The Arizona senator also received $114,854 for his Navy pension.
During those two years McCain paid $157,231 in federal taxes.
McCain donates his royalties from books and Senate pay increases to charity, most of which has gone to the John and Cindy McCain Family Foundation.
The royalties from his books have totaled more than $1.8 million since 1998 and those from his pay increase more than $450,000.
A statement from the campaign about the tax form release states “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.”
In 2006 the John and Cindy McCain Family Foundation dispersed $187,639 to various charities which supported education programs, animal welfare and rehabilitation for craniofacial abnormalities. In 2007, the foundation dispersed $78,250 to many of the same groups.
McCain’s wife, Cindy, is a millionairess, but she does not file jointly with her husband. The McCain campaign notes “Senator and Mrs. McCain have kept their personal finances separate throughout their 27-year marriage.”
Cindy McCain’s estimated worth is $100 million.
Amanda Carpenter is National Political Reporter
http://www.townhall.com/Columnists/AmandaCarpenter/2008/04/18...
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raves posted May 01, 2008 05:31PM GMT (edited)
Answered Undecided
With his rich wife and undoubtedly trust funds, I have no idea what exactly McSame's finances are. And he doesn't either because he joyfully has admitted several times that finances/the economy is beyond him. Great, just what we need: an economic illiterate in this slide to bankruptcy!
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raves +1 posted Apr 21, 2008 08:54PM GMT
Answered No, I think..............
he is married to a billionaire who files separately. So -- he can quite honestly show that his income is on the modest side for a leading politician (although still what I consider on the rich side), and still lead a life of total luxury. -
raves +1 Apr 21, 2008 09:09PM GMTActually I think the estimates are 100 million for her holdings - lol , we are saying these thing like they make a difference to our bank books. I dunno about her money - I do know that they have filed separately for 27 years and that he signed a prenup so her money was her money. Re living - wonder if they would consider adopting just one more older child - me. Or maybe the Obama's or the Clinton's - I am not choosy when it comes to living with millionaires. How about you??
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raves +1 Apr 21, 2008 09:31PM GMTHey -- that sounds good! I wouldn't mind spending my decades in the lap of luxury. Oh, well. Ain't gonna be.
And yeah, she's not really a billionaire, but it doesn't matter. She's one of the mega-rich and, even though he has no control over her money, his life is cushioned by her money. -
raves +1 posted Apr 21, 2008 05:45PM GMT
Answered Undecided
I think these numbers are confusing. In particular, it states that his royalties and excess pay donated to the John & Cindy McCain Family Foundation amounted to roughly 2 & 1/4 million dollars (SINCE 1998 FOR THE ROYALTIES & since 1991 FOR THE PAY RAISE), but these numbers are followed with what seem to be paltry donations (in comparison to $2.25 mil) for two individual years. If we average those royalties over nine years, it's $200,000 per year. The $450,000 in excess pay over 16 years provides an average of $28,125 per year. Therefore, the income attributed to this charity fund should average out to roughly $228,125 per year, or $456,250 over the two years. With only $265,889 having been actually disbursed to charities, on the surface, it would seem that only about half of the average input was paid out. Of course, my way too simple calculations do not take into consideration the fact that his royalties were likely made mostly at the beginning and have dwindled considerably in the years since he started receiving them. Since no royalty numbers are provided for the years 2006 and 2007 (nor are any donations paid out for years other than 2006 & 7), we don't know. It's also important to keep in mind that the costs of running the fund and administrative fees are not provided eit...I think these numbers are confusing. In particular, it states that his royalties and excess pay donated to the John & Cindy McCain Family Foundation amounted to roughly 2 & 1/4 million dollars (SINCE 1998 FOR THE ROYALTIES & since 1991 FOR THE PAY RAISE), but these numbers are followed with what seem to be paltry donations (in comparison to $2.25 mil) for two individual years. If we average those royalties over nine years, it's $200,000 per year. The $450,000 in excess pay over 16 years provides an average of $28,125 per year. Therefore, the income attributed to this charity fund should average out to roughly $228,125 per year, or $456,250 over the two years. With only $265,889 having been actually disbursed to charities, on the surface, it would seem that only about half of the average input was paid out. Of course, my way too simple calculations do not take into consideration the fact that his royalties were likely made mostly at the beginning and have dwindled considerably in the years since he started receiving them. Since no royalty numbers are provided for the years 2006 and 2007 (nor are any donations paid out for years other than 2006 & 7), we don't know. It's also important to keep in mind that the costs of running the fund and administrative fees are not provided either. So the entire discussion of the money he has put in over the years and the money going out in the last two years is completely moot. No conclusions may accurately be drawn about the benefit or lack of benefit of his charitable donations. And since it would be easy to make a claim that a person's charitable donations are a way to hide income, it seems unfair to provide so few pieces of the puzzle and leave us wondering whether something is going on there or not.
Considering that the subject then moves to the massive dollars his wife makes (also without providing a full picture) it seems like this article is trying to make claims that McCain's tax filings are somehow questionable.
So is this what I expected? I guess the answer to your question is, I don't have enough information to state whether the numbers provided are surprising or not.(less) -
raves +2 Apr 21, 2008 05:53PM GMTMost not all funds go to that foundation, there are other charities he supports. You can review his stuff on line. He and his wife have separate filings for their entire married life so her income is not in question. What surprised me was the fact that he does give away his raises and his royalties just as he pledged he would do - impressive.
Personally, I think the entire income tax release is crapola - there is no legal reason to do it for any candidate. We say the Clinton's and the Obama's - all I learned was #1 they are rich; #2 they have good tax people; #3 they make money. I knew that before! Wish we could get a candidate who would say drop dead, this is my personal information. But we never will - the whole conspiracy brain set is sure there must be some hidden information. Oh Well, just a thought. -
raves +3 posted Apr 20, 2008 01:28AM GMT
Answered Yes, He donates his pay raises and royalties to charity. I think........
Now there's something I wish we could say for more of our politicians. He's a very honorable man. As far as Cindy McCain's wealth, I always thought she was a good looking lady for her age, good Lord she's a 10+ with that kind of bank. -
raves +4 posted Apr 19, 2008 03:22PM GMT
Answered Yes, He donates his pay raises and royalties to charity. I think........
You know that he has been open about his earnings for a very long time and to no surprise. He is an honorable man. He admits to his misjudgements when he makes them. He doesn't allow his party to run his way of thinking. He has been accused of a lot of things that are just figments of the imagination of both parties.
He has never hide his wife's wealth and his doesn't make excuses of her wealth --- he has no control as to her wealth.
He is one of the few Congressmen who donate their raises to charity. He never has given me the indication that he was a materialistic person. Now, I know someone will mention the number of homes that "they" own. I do not know nor do I care. Let's go back a few years and count the homes that the "Kerry's" owned. Who cares If anyone of us had their money we might have the same if not more. -
raves +2 posted Apr 19, 2008 12:16PM GMT
Answered Undecided
I assumed he didn't have as much income as the other two candidates, but had never given any thought to how much or where it came from. I'm not surprised. However, I really hadn't considered Social Security as a part of his income and that fact had me thinking a little.
Wish I had a spouse making $100 million. -
raves +2 Apr 19, 2008 06:13PM GMTMe too on the spouse. It was a big surprise to me that he has donated every raise and all book royalties to charity; that is something like 2.5 million dollars over 10 years by some estimates. I sure don't begrudge him his SS; he earned just like everyone else and considering what he gives away, I am impressed.
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raves +3 posted Apr 19, 2008 10:07AM GMT
Answered Yes, He donates his pay raises and royalties to charity. I think........
Since McCain has been donating his cost of living adjustment (COLA) to charity since 1991, then by de facto, he has been fulfilling my percieved intent of the Constitution, a most honorable act.
The 27th amendment states that congress shall not give themselves a pay increase that takes affect until the next election cycle. No big deal here, but Congress has side-stepped the intent of this amendment by giving themselves an automatic COLA. It actually takes a vote in Congress to NOT get this adjustment.
http://www.claremont.org/proj...
The 27th amendment was ratified in 1992, 202 years after its proposal. It's an interesting and inspirational story about a 1 man's quest to get it ratified. At the time, it totally shocked congress. For those interested, here's a link to this bizarre story.
http://writ.news.findlaw.com/... -
raves +4 posted Apr 19, 2008 04:16AM GMT (edited)
Answered Yes, He donates his pay raises and royalties to charity. I think........
Not at all! I knew his wife is independently wealthy and I also knew they were involved in charity. Little is said of their assistance to children in Africa, one of whom they adopted!
Answered Yes, He donates his pay raises and royalties to charity. I think........
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