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Title: McCains Defaulted On Home Taxes For Last Four Years, Newsweek Reports
Source: Huffington Post
URL Source: http://www.huffingtonpost.com/2008/ ... ailed-to-pay-tax_n_109785.html
Published: Jun 28, 2008
Author: THP
Post Date: 2008-06-29 13:10:01 by Rotara
Keywords: None
Views: 31

** UPDATE BELOW **

Newsweek is set to publish a highly embarrassing report on Sen. John McCain, revealing that the McCains have failed to pay taxes on their beach-front condo in La Jolla, California, for the last four years and are currently in default, The Huffington Post has learned.

Under California law, once a residential property is in default for five years, it can be sold at a tax sale to recover the unpaid taxes for the taxpayers.

The McCains own at least seven homes through a variety of trusts and corporations controlled by Cindy McCain.

UPDATE: Newsweek's story is now online. The report notes that the McCains paid the bulk of their back taxes yesterday, but continue to owe additional taxes:

When you're poor, it can be hard to pay the bills. When you're rich, it's hard to keep track of all the bills that need paying. It's a lesson Cindy McCain learned the hard way when NEWSWEEK raised questions about an overdue property-tax bill on a La Jolla, Calif., property owned by a trust that she oversees. Mrs. McCain is a beer heiress with an estimated $100 million fortune and, along with her husband, she owns at least seven properties, including condos in California and Arizona. [...]

Shortly after NEWSWEEK inquired about the matter, the McCain aide e-mailed a receipt dated Friday, June 27, confirming payment by the trust to San Diego County in the amount of $6,744.42. County officials say the trust still owes an additional $1,742 for this year, an amount that is overdue and will go into default July 1. Told of the outstanding $1,742, the aide said: "The trust has paid all bills shown owing as of today and will pay all other bills due."

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