The McCain campaign refused to release Cindy McCain's tax returns today:
McCain released his tax returns today. They include 2006 and 2007 and nothing previously. In addition, no returns or summaries are included for wife Cindy McCain, who heads a privately held beer distribution company.
This is an issue because she's the one with all the dough in that family, although the McCain campaign today tried to deny Cindy's financial role in John's life (from the same MSNBC article linked above):
Note About Mrs. McCain's Financial Information:
Since the beginning of their marriage, Senator McCain and Mrs. McCain have always maintained separate finances. As required by federal law and Senate rules, Mrs. McCain has released significant and extensive financial information through Senate and Presidential disclosure forms. In the interest of protecting the privacy of her children, Mrs. McCain will not be releasing her personal tax returns.
Note About Hensley & Company:
In her role as Chairman of Hensley & Company, a privately-held business founded by her parents, Mrs. McCain's main areas of responsibility focus on strategic planning and corporate vision. Having served the greater Phoenix area since 1955, Hensley & Company is widely respected as an exemplary corporate citizen, and makes significant charitable contributions of its own.
Now, that conflicts with the detailed Associated Press reported earlier this month:
The McCains' marriage has mixed business and politics from the beginning, according to an expansive review by The Associated Press of thousands of pages of campaign, personal finance, real estate and property records nationwide. The paperwork chronicles the McCains' ascent from Arizona newlyweds to political power couple on the national stage.
As heiress to her father's stake in Hensley & Co. of Phoenix, Cindy McCain is an executive whose worth may exceed $100 million. Her beer earnings have afforded the GOP presidential nominee a wealthy lifestyle with a private jet and vacation homes at his disposal, and her connections helped him launch his political career -- even if the millions remain in her name alone. Yet the arm's-length distance between McCain and his wife's assets also has helped shield him from conflict-of-interest problems.
Nearly 30 years before John McCain became the Republican presidential nominee, he worked in public relations at his wife's family company.
Within a few years of marrying Cindy Hensley, the daughter of a multimillionaire Anheuser-Busch distributor, John McCain won his first election. He was new to Arizona politics and fundraising in the 1982 House race, and his campaign quickly fell into debt. Personal money -- tens of thousands of dollars in loans to his campaign from McCain bank accounts -- helped him survive.
Anheuser-Busch's political action committee was among McCain's earliest donors. Cindy McCain's father, James Hensley, and other Hensley & Co. executives gave so much the Federal Election Commission ordered McCain to give some of it back. McCain's campaign used Hensley office equipment such as computers and copiers, and Cindy McCain personally paid some of the campaign's bills.
The campaign gradually reimbursed Hensley for use of its equipment and Cindy McCain for her expenses. The loans -- described initially by John McCain as coming from him and his wife -- caught the eye of the FEC, which repeatedly questioned him about them; spouses are held to the same donation limits as everyone else.
McCain told the FEC the loaned money came from his share of joint accounts. At the time, McCain reported drawing a $25,067 salary and $25,000 bonus working for Hensley in public relations and receiving a Navy pension of $11,038 a year; his 1982 financial disclosure report showed bank interest but didn't say how much the bank accounts held.
McCain's campaign debt grew to about $177,000 by the end of 1982. His 1984 House campaign repaid just under half the loans. McCain forgave about $93,000 in loans, a sizable personal donation to his inaugural campaign.
Sounds like the AP reporter found documentation that the McCains actually haven't always maintained separate finances -- despite the campaign's claim to the contrary. Someone is lying.
Surely, George Stephanopoulos is going to grill McCain about Cindy McCain's tax returns now that the McCain campaign won't release them. With assistance from the traditional media, then RNC Chair Ed Gillespie made the spouse's tax forms an issue in 2004 for John Kerry. Surely, the same standard applies in '08.
