Sizing up the tax returns of the presidential candidates
Income tax information is generally private, but in the case of presidential candidates, it's not. Their invasion of privacy makes for hours of fun for those of us interested in how much money others make. Here's how the numbers shook out for 2007 tax returns:John McCain:
Adjusted gross income $386,527
Charitable contributions $105,467
Federal income tax $118,660
Actual tax return here (large file).
Other interesting information: McCain gave $105,467 to charity, which was 27% of his income. He also made just over $110,000 from books he's written.
Barack Obama:
Adjusted gross income $4.14 million
Federal income tax $1.4 million
Actual tax return here (large file).
Other interesting information: Obama gave $240,370 to charity, which was a measly 5.8% of his income. $3.2 million of his income was from Random House, presumably for books by or about him. (Nice work, if you can get it.)
Hillary Clinton:
The actual numbers aren't available yet because the Clintons filed an extension, but their estimates include:
Income $22 million
Estimate document here.
The Clintons estimated their charitable contributions $3 million, 13.6% of income. The bulk of the income, $10 million, comes from paid speeches made by Bill Clinton.
Politics, books and speeches can be good gigs if you can get them, apparently. I'm not so sure I'd want the rest of the world in my financial business, though. On second thought ... if my income was $22 million, I wouldn't mind letting all of you take a peek. It would be a small price to pay.
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
Recent Posts
- How to deal with a deadbeat adult child (10/06/2008)
- Candidate dolls - will there be a scarcity? (10/06/2008)
- What if you applied for a job--only to learn the job was a bank heist? (10/06/2008)
- Holy Mackerel! Fish make a slick currency in prison (10/06/2008)
- Fantastic Freebies: Subscription to Genre Magazine (10/06/2008)

Reader Comments (Page 1 of 1)
4-21-2008 @ 3:34PM
Hank Thompson said...
Between 2001 and 2006, the John and Cindy McCain Foundation made contributions of roughly $1.6 million. During those years, McCain contributed roughly $950,000 to the foundation.
The private schools that McCain's children attended were the largest recipients of his foundation’s contributions. More than $500,000 was given to those schools, mostly donated when his children were attending them (Xavier College Preparatory, Brophy College Prep, Christ Lutheran School, and Phoenix Country Day School).
The largest individual recipient was the U.S. Naval Academy Foundation. It was given $210,000 in both 2001 and 2002.
A campaign spokesman, who spoke anonymously, said the foundation is funded nearly entirely by proceeds from McCain’s book sales.
Reply
4-21-2008 @ 10:47PM
city wide said...
Why isnt Obamas wifes income included with his? I also dont see Mc cains wife (small) income included either in the soclled adjusted income.
Reply
4-22-2008 @ 7:57AM
yalaharon said...
The Obamas and Clintons have disclosed joint tax returns. It appears that the McCains are filing seperately, and have chosen not to disclose Cindy's income.....
Reply
4-22-2008 @ 7:57AM
yalaharon said...
ah Tracy, your bias is showing.........
" Obama gave $240,370 to charity, which was a measly 5.8% of his income."
and no mention of 100 million dollar Tracy...not very objective here..
Reply
4-22-2008 @ 9:47AM
Tracy Coenen said...
Thankfully, I'm allowed to be as opinionated as I want on this site. There is no rule that we must be "objective."