McCain faces accusations of hypocrisy
By Andrew Ward in Washington
Published: April 18 2008 19:36 Last updated: April 19 2008 00:29
John McCain on Friday faced accusations of hypocrisy for failing to disclose his wife’s tax records, despite his promise to bring greater transparency and accountability to government.
The Arizona senator declared income of $419,731 in 2007 – a fraction of the multi-million dollar earnings reported by Barack Obama and Hillary Clinton, his Democratic rivals.
But the disclosure excluded the income of his wife, Cindy, the heiress to a large Arizona beer distribution company, whose wealth is estimated at more than $100m (€63.5m, £50.2m).
Mrs Clinton and her husband, former President Bill Clinton, this month reported joint income of $20.4m for 2007, while Mr Obama and his wife, Michelle, declared $4.2m.
Presidential candidates are under no obligation to release tax records but it has become customary to do so as a signal of transparency.
This year’s disclosures have come at a sensitive moment. Amid a sharp slowdown in the US economy, the candidates are out to prove who is most attuned to the concerns of voters.
Mr McCain and Mrs Clinton have both sought to portray Mr Obama as an “elitist” since his remarks about “bitter” small-town voters.
Mr McCain is considered one of the wealthiest members of Congress because of his wife’s fortune. The McCain campaign said the couple had kept separate finances throughout their 27-year marriage, and that Mrs McCain would not release her tax records in order to protect their children’s privacy.
Melanie Sloan, executive director of Citizens for Responsibility and Ethics in Washington, described the excuse as a “red herring” and said presidential candidates and their families must accept close scrutiny.
“McCain has been the most outspoken about ethics so he is held to a particularly high standard of transparency,” she said, predicting that Mrs McCain would eventually be forced to disclose her records.
In 2004, John Kerry, the then-Democratic presidential nominee, initially refused to make public the tax returns of his wife, Teresa Heinz Kerry, heir to a $500m fortune, until three weeks before the election.
Mr McCain’s income included a Senate salary of $161,708 and $176,508 in book royalties. The 71-year-old, who would be the oldest first-term president if elected, also received a navy pension of $58,358 and Social Security income of $23,157.
Mr Obama’s household income jumped from $991,296 to $4.2m last year – most of it from book sales – as he launched his bid for the presidency.
The Clintons’ disclosure showed that they earned $109m over the past eight years – mostly from Mr Clinton’s books and speeches – representing a sharp turnround from the heavy debts and legal bills they faced after leaving the White House.
Copyright The Financial Times Limited 2008
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Ward has a few issues in his article I will not point out directly, but will let the details below highlight.
Senate millionaires as of 2004 with update on Clintons. These figures are all approximate and within the correct range. A few of these people have retired, been defeated, or gone on to more rewarding, err ... more gratifying positions:
John Kerry, D-Massachusetts: $163,626,399 (Including Spouse: ~$1 billion)
The FT article claims Heinz's estate is worth $500 million. If this is true, it has lost close to $350 million since 2004. I believe it is more likely that Ward was unable to add that high and chose the lower figure.
Herb Kohl, D-Wisconsin: $111,015,016 (Family worth $250 million)
John Rockefeller, D -West Virginia: $81,648,018 (Family worth $200 million)
Jon Corzine, D-New Jersey: $71,035,025
Left to do more gratifying work in the State of NJ
Dianne Feinstein, D-California: $26,377,109 (Family worth $40 million)
Her estimated value has gone up nearly 12% from the figures above.
Frank Lautenberg, D-New Jersey $17,789,018 (Family worth $45 million)
Bought his seat a few times. NJ politics.
Bill Frist, R-Tennessee: $15,108,042
Good for nothing Senate leader who should never have been elected
John Edwards, D-North Carolina: $12,844,029
This is just not accurate. Johnny boy got himself a percent interest out of the company he works for (they have a percent interest and he receives a percent of that) and one recent venture may turn in to a billion dollars or so - the sunken galleon filled with gold that is in dispute with the Spanish government and the private company raising the ship (which John hs a stake in). His value and worth will jump rather much if it works out, as it inevitably will.
Hillary Clinton, D-New York: ~ $10 million upward. Family worth ~ $130 million
The Clinton's have not released their full 2007 returns, just an estimated which does not include the last 6 months. You might wonder why, BUT for the fact we have all been enlighted as to the $109 million they have made since 2001!!!! Hmmm. Could it be that Bill has made between $8-10 million and they would just as soon not include that amount yet. Plus home, plus any other property and financial investments and I think the total value will be between $115-130 million.
Edward Kennedy, D-Massachusetts: $9,905,009 (Family worth $35 million)
Who knows what this family is worth. There are so many of them. They do not lose money, they only increase their wealth.
Jeff Bingaman, D-New Mexico: $7,981,015
Bob Graham, D-Florida: $7,691,052
Richard Shelby, R-Alabama: $7,085,012
Gordon Smith, R-Oregon: $6,429,011
Lincoln Chafee, R-Rhode Island: $6,296,010
Another useless Republican who should not be rehired ... I think he is retiring.
Ben Nelson, D-Nebraska: $6,267,028
Lamar Alexander, R-Tennessee: $4,823,018
Mike DeWine, R-Ohio: $4,308,093
Mark Dayton, D-Minnesota: $3,974,037
Ben Campbell, R-Colorado: $3,165,007
Chuck Hagel, R-Nebraska: $2,963,013
Olympia Snowe, R-Maine: $2,955,037
James Talent, R-Missouri: $2,843,031
Arlen Specter, R-Pennsylvania: $2,045,016
Judd Gregg, R-New Hampshire: $1,916,026
John McCain, R-Arizona: $1,838,010
James Inhofe, R-Oklahoma: $1,570,043
John Warner, R-Virginia: $1,545,039
Kay Bailey Hutchison, R - Texas: $1,513,046
Mitch McConnell, R-Kentucky: $1,511,017
Harry Reid, D-Nevada: $1,500,040
Sam Brownback, R-Kansas: $1,491,018
Thomas Carper, D-Delaware: $1,482,017
Ted Stevens, R-Alaska: $1,417,013
Maria Cantwell, D-Washington: $1,264,999
Barbara Boxer, D-California: $1,172,003
Orrin Hatch, R-Utah: $1,086,023
Mary Landrieu, D-Louisiana: $1,080,014
Bill Nelson, D-Florida: $1,073,014
Charles Grassley, R-Iowa: $1,016,024
*These figures are base estimates provided by senators on their financial disclosure forms.
We should also be clear that if these men and women/husbands/wives are in their mid to late 50s and have lived in their home for 10-20 years, it is quite likely worth $500,000 to $1 million. It is also quite likely they have inherited through their family or spouse, some amount of money. They have invested in stocks or mutual funds, have some retirement funds from some job before politics and have paid off most if not all their loans. That would make their net value worth well over $1.5 million without any help, the sort we find in NJ. Therefore, anyone under $1.6 million should be excluded from the list because the only people who are worth less are younger with loans and debt and or are not bright enough to know how to invest in mutual funds.
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