The out-of-control tax code
Direct to IRS e-filing fight continues

Obama and McCain release tax returns

The final two presidential candidates have made their 2007 tax returns public.

With the release of John McCain's 2007 Form 1040 and additional schedules, as well as Barack and Michelle Obama's filing for last tax year, the baring of candidate tax souls is, for the most part, complete.

We still have to wait for the actual return from Hillary and Bill; they got an extension. But you can see the basic numbers for the Clintons, as well as the returns of Dubya and Laura Bush and Dick and Lynne Cheney in my previous post on Presidential (and wannabe) tax returns.

Below are the very basics from the Obama and McCain returns.

Obama & McCain
2007 Tax Returns
Taxpayer AGI Tax owed % of AGI
Obama $4.14 million $1.4 million
McCain $386,527 $118,660

You can see McCain's full 2007 return here. The Obama's tax paperwork for last year is available here. Both returns are large PDF files, so it might take a while for them to open.

A few items of note: Unlike the Bushes, Cheneys, Clintons and Obamas, John and Cindy McCain file separate returns. Only his has been made public.

McCain also is the only candidate (or current Administration occupant) receiving Social Security benefits. He got $23,157 last year, of which $19,683 was taxable.

The GOP presidential candidate also noted on his return that he was older than 65. If he had taken the standard deduction, that check box would have given him a larger standard amount to write off. But since he itemized, the acknowledgment of his age was immaterial.

Both McCain and the Obamas claimed dependents, McCain's son John and the two young Obama daughters.

But neither McCain nor the Obamas could claim the child tax credit because of the tax break's earnings limitations. The credit amount is reduced by $50 for each $1,000 (or fraction thereof) by which a taxpayer's modified adjusted gross income exceeds the threshold amount for his or her fling status.


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Not Dan Ray

Dan, you jealous much? So she's rich. Many Americans are rich. She does much more good with her fortune than most liberals do with theirs. Also, JFK's family fortune came from bootlegging beginnings. Are they to be held to the fire as well?

Dan Ray

No wonder that McCain keeps it separate: Cindy's the one with the buckage, being the heiress to a beer fortune left to her by her father, who started out as a bootlegger. (Nicely chronicled in a 2000 Phoenix New Times article, "Haunted by Spirits"
Who says crime doesn't pay? The McCains did have to reveal a bit more in their campaing finance disclosure forms, and the most recent one had a tantalizing tidbit:
Cindy has two Amex cards, and had to report the range of debt on them. One with a debt of up to $100,000, the other with a debt of $100,000 to $250,000.
If she can carry that much debt on the card, wonder what her credit limit is?

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