Mccain Is 8Th Wealthiest U.S. Senator

And ‘common man’ John McCain (R-AZ) also is the 17th wealthiest lawmaker in Washington. McCain Is 8th Wealthiest U.S. SenatorBy Cliff Montgomery – Aug. 25th, 2008Much has been made of Senator John McCain’s (R-AZ) inability to tell reporters just how many houses his family owns, but the real issue is the matter of family wealth. Just how wealthy is the GOP presidential nominee? And how wealthy is the family of his Democratic opponent, Senator Barack Obama (D-IL), for that matter?Disclosure filings from the two major presidential nominees reveal that both men belong to wealthy families, but that the McCains are far more wealthy–and their assets often are much harder to determine.Obama made $4 million in 2007 from book sales, which surged as his presidential campaign caught fire. The reports disclosed that his family’s total worth was between $2 million to $7.4 million.Sen. Obama and his wife, Michelle, sunk $1 million-$5 million into a money market fund; purchased $500,000 to $1 million in U.S. treasury notes; and invested in college savings plans, each worth between $100,000-$250,000, for their daughters–Malia, 9 and Sasha, 6.Sen. McCain’s disclosure of personal assets reveals a 2007 income of $405,409. He holds $16,000-$65,000 in two personal accounts, and another $2,000-$30,000 in joint bank accounts he shares with his wife.At first glance, that seems modest enough. But most of the McCain family wealth is held by the senator’s wife and children–and their total worth is much tougher to decipher.Cindy McCain is an inheritress of a massive Arizona beer distributorship, a business with an  estimated worth of over $100 million. She reported an income of $6 million in 2006, the most recent year of publicly released tax returns.The McCain disclosure reports are especially vague when it comes to the family’s total wealth. Several assets controlled by Cindy and/or her children simply are declared to have an estimated value of more than $1 million.Why is it so tough to determine a lawmaker’s total worth? Disclosure reports allow him or her to reveal only the value range of any asset. For example, Sen. McCain’s family held a total of 139 assets in 2006–currently the last year for full financial data–which were valued at anywhere from over $33 million to more than $49 million.How then to determine real worth? The Center For Responsive Politics (CRP) invented a novel solution. It added together each congressperson’s range of assets, subtracted his or her range of liabilities, then calculated the midpoint of those findings.”Using this method provides a ranking that more closely reflects reality than using either the minimum or maximum values,” states the center.So what does the center reveal about the McCain family’s total assets? The CRP determines ‘common man’ McCain to be the 17th wealthiest lawmaker in Washington, DC, and the 8th wealthiest senator. His family’s average worth has been found by the center to be over $36 million.And of course, the Arizona senator has been a Washington insider since 1983–a full quarter-century of making back-door deals and taking “political contributions,” actions which make him the very definition of a career politician.The McCain group is fond of saying that Barack Obama is un-schooled in the ways of Washington. We at The American Spark reply that knowing little about the destructive intrigues and influence peddling of our nation’s capital may be Obama’s greatest asset.Like what you’re reading so far? Then why not order a full year (52 issues) of thee-newsletter for only $15? A major article covering an story not being told in the Corporate Press will be delivered to your email every Monday morning for a full year, for less than 30 cents an issue. Order Now! McCain’s wealth is far above that of the average U.S. senator.Source: CRP