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McCain reports income of $405,409

Gave 25 percent to charitable fund

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Associated Press / April 19, 2008

John McCain earned a total of $405,409 last year and donated a quarter of it to charity, according to tax returns his campaign released yesterday that provide only a partial picture of his family's wealth.

The presumptive Republican nominee's income included his US Senate salary of $161,708, a Navy pension of $58,358, and Social Security income of $23,157, plus book royalties that he donated to charity. The tax return showed that he paid $84,460 in taxes and donated $105,467, most to the John and Cindy McCain Family Foundation, which then distributed much of the money to charities.

In 2006, McCain reported $358,414 in income, paying $72,771 in federal taxes, and giving $64,695 to charity.

McCain, who is ranked among the richest members of Congress, had been under pressure to release his tax returns after both his Democratic rivals, Hillary Clinton and Barack Obama, did so in recent weeks.

He did not, however, disclose most tax information involving his wife, Cindy, an heiress to a beer distributing company in Arizona whose assets are worth an estimated $100 million. The couple signed a prenuptial agreement that keeps most of the assets in Cindy McCain's name.

"Senator and Mrs. McCain have kept their personal finances separate throughout their 27-year marriage," the McCain campaign said in a statement accompanying the tax returns. "Accordingly, they have for many years filed separate tax returns."

Aides say she will not release her tax returns to protect the privacy of the couple's four children.

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.

Democrats criticized McCain for not releasing more information about his wife's income, noting that Republicans during the last presidential campaign had called on Senator John F. Kerry to disclose more about the finances of his wife, Teresa Heinz Kerry.

"John McCain's lack of transparency is troubling and raises questions about what he's hiding," Howard Dean, Democratic National Committee chairman, said in a statement.

"McCain should hold himself to the same standard set by past presidential candidates, both Republican and Democrat, and the example already set by both Democratic candidates."

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