Holo Lukaloa
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6/14/2008 4:24:58 PM
Here's why McCain doesn't want the rich paying taxes.
McCain, wife owed $225,000 in credit card debt
By LARRY ROHTER - New York Times
updated 5:23 a.m. ET, Sat., June. 14, 2008
Senators John McCain and Barack Obama released their Senate financial disclosure statements on Friday, revealing that Mr. McCain and his wife had at least $225,000 in credit card debt and that Mr. Obama and his wife had put more than $200,000 into college funds for their daughters.
The bulk of the McCains’ obligations stemmed from a pair of American Express credit cards that are held in Cindy McCain’s name. According to the disclosure reports, which present information on debts in a range rather than providing a precise figure, Mrs. McCain owed $100,000 to $250,000 on each card.
Another charge card, held by what was described as a “dependent child,” had also accumulated debts of $15,000 to $50,000. In addition, a credit card held jointly by the couple was carrying $10,000 to $15,000 in debt, the filing indicated, at a stiff 25.99 percent interest rate.
Under Congressional reporting rules, spouses of senators need not specify the exact amount of income they earn from employment, only whether that money exceeded $1,000. Neither Mrs. McCain, an heiress of the Hensley beer distribution company, nor Michelle Obama, a lawyer turned hospital administrator, provided additional information on their salaries in the disclosure form.
Land sold at $1 million profit
Mrs. McCain’s filing, however, indicated that she had substantial holdings in property and stocks — including shares in Anheuser-Busch, which this week became the target of a takeover bid that is expected to send its value climbing. Her land holdings included parcels in Arizona and California, one of which was sold last year for a profit of more than $1 million.
In other filings, the McCains have reported total household assets of $24.6 million to $39.5 million. In recently releasing a summary version of her 2006 tax return, Mrs. McCain reported income that year of more than $6 million, some $300,000 of which was derived from her salary as the chairwoman of Hensley, which was founded by her father.
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