Cindy McCain has released the summary pages of her recently filed 2007 federal tax return.
Mrs. McCain files separately from her husband, presidential candidate Sen. John McCain, R-Ariz. She previously has released only summary pages of her 2006 tax return (see Cindy McCain Releases Part of Her Tax Return).
Mrs. McCain received an extension to file the 2007 return because she had not received all the information necessary to complete the return, according to her husband's campaign. She derives much of her income from her chairmanship of Hensley & Co., an Anheuser-Busch beer distributorship founded by her father, as well as from real estate holdings. Her worth is estimated at over $100 million, according to the Associated Press.
The return shows that she received adjusted gross income of nearly $4.2 million. The bulk of that, over $2.8 million, came from rental real estate, partnerships, S corporations and trusts. She also received nearly $300,000 in salary and over $118,000 in dividends. Mrs. McCain claimed itemized deductions of $527,666, presumably much of it from her charity work.
In 2007, Senator and Mrs. McCain donated $210,933 from their community assets to charity, of which Senator McCain's one-half allocation was $105,467. Most of Sen. McCain's contributions went to the John and Cindy McCain Family Foundation, which makes direct contributions to charities. Sen. McCain disclosed his tax returns in April (see McCain Releases Tax Returns).
Mrs. McCain's taxes totaled more than $1.1 million, which included over $34,000 in household employment taxes. She paid over $2 million in taxes and applied for a refund of $954,112.
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