Presumptive Republican presidential nominee Sen. John McCain, R-Ariz., has released his
McCain paid $157,231 in federal taxes for 2006 and 2007. He and his wife Cindy have contributed $340,323 to charitable causes in the past two years. McCain earned a total of more than $740,396 in the two years, including $45,261 from Social Security and $114,854 for his Navy pension.
The McCains have kept their personal finances separate throughout their 27-year marriage and for many years have filed separate tax returns, according to the campaign. However, their home state of Arizona is a community property jurisdiction in which individuals maintain a separation of all property brought to the marriage, or inherited during it, but share financial responsibility for other assets acquired through the efforts of each spouse during the marriage.
This means that their tax returns report one half of each of their community property income and expenses, such as the income each of them earns as salaries, the senator's book royalties, and expenses attributable to both of them such as charitable contributions from community assets.
Accordingly, McCain's 2006 and 2007 tax returns contain a detailed
