$100 Million Man McCain: Rich Not Defined By Income

Eight years ago, then Governor George W. Bush revealingly joked about his backers at the 2000 Al Smith Dinner. "This is an impressive crowd - the have

Eight years ago, then Governor George W. Bush revealingly joked about his backers at the 2000 Al Smith Dinner. "This is an impressive crowd - the haves and the have-mores," Bush said, adding, "Some people call you the elites; I call you my base." With his own quip Saturday night that "$5 million" is his definition of rich," John McCain made no mistake that he is Bush's natural heir.

Now, there is nothing wrong with being happily rich and utterly detached. Nothing, that is, unless you make criticizing your political opponent as "elitist" and "out of touch" a centerpiece of your campaign. Which is why McCain beat a hasty retreat in an interview today with the Politico. (In that same interview, McCain with no sense of irony called lobbyists "birds of prey.") Without naming a number, McCain said:

"I define rich in other ways besides income. Some people are wealthy and rich in their lives and their children and their ability to educate them. Others are poor if they’re billionaires."

Of course, by any accounting, the $100 million McCains are fabulously well-off (see the gold-plated details below the fold). But John McCain's staggering detachment from the real lives of the American people can truly be measured in dollars – and sense.

For starters, McCain in April declared that there had been "great progress economically" during the Bush years. On more than one occasion, he diagnosed Americans' concerns over the dismal U.S. economy as "psychological." (Phil Gramm, McCain's close friend and adviser supposedly excommunicated over his "whiners" remarks, was back with the campaign last week.) McCain, a man who owns eight homes nationwide, in March lectured Americans facing foreclosure that they ought to be "doing what is necessary -- working a second job, skipping a vacation, and managing their budgets -- to make their payments on time." And when all else fails, McCain told the people of the economically devastated regions in Martin County, Kentucky and Youngstown, Ohio, there's always eBay.

In his defense, McCain's shocking tone-deafness may just be a matter of perspective. When you're as well off as he is, anything below a $5 million income (a figure exceeding that earned on average by the top 0.1% of Americans) seems middle class by comparison.


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The $100 Million Man. Courtesy of his wife Cindy's beer distribution fortune (one her late father apparently chose not to share with her half-sister Kathleen), the McCains are worth well over $100 million. (In the two-page tax summary she eventually released to the public, Cindy McCain reported another $6 million in 2006.) As Salon reported back in 2000, the second Mrs. McCain's millions were essential in launching her husband's political career. Unsurprisingly, the Weekly Standard's Matthew Continetti, who four years ago called Theresa Heinz-Kerry a "sugar mommy," has been silent on the topic of Cindy McCain.

The Joys of (Eight) Home Ownership. While fellow adulterer John Edwards was pilloried for his mansion, John McCain's eight homes around the country have received little notice or criticism. His properties include a 10 acre lake-side Sedona estate, euphemistically called a "cabin" by the McCain campaign, and a home featured in Architectural Digest. The one featuring "remote control window coverings" was recently put up for sale. Still, their formidable resources did not prevent the McCains from failing to pay taxes on a tony La Jolla, California condo used by Cindy's aged aunt.

The Anheuser-Busch Windfall. As it turns out, the beauty of globalization is in the eye of the beholder. While John McCain apparently played a critical role in facilitating DHL's takeover of Airborne (and with it, the looming loss of 8,000 jobs in Wilmington, Ohio), Cindy McCain is set to earn a staggering multi-million dollar pay-day from the acquisition of Anheuser-Busch by the Belgian beverage giant, In Bev. As the Wall Street Journal reported in July, Mrs. McCain runs the third largest Anheuser-Busch distributorship in the nation, and owns between $2.5 and $5 million in the company's stock. Amazingly, while Missouri's politicians of both parties lined up to try to block the sale, John McCain held a fundraiser in the Show Me State even as the In Bev deal was being finalized.

McCain's $370,000 Personal Tax Break. Earlier this year, the Center for American Progress analyzed John McCain's tax proposals. The conclusion? McCain's plan is radically more regressive than even that of President Bush, delivering 58% of its benefits to the wealthiest 1% of American taxpayers. McCain's born-again support for the Bush tax cuts has one additional bonus for Mr. Straight Talk: the McCains would save an estimated $373,000 a year.

Paying Off $225,000 Credit Card Debt? Priceless. That massive windfall from his own tax plan will come in handy for John McCain. As was reported in June, the McCains were carrying over $225,000 in credit card debt. The American Express card - don't leave your homes without it.

Charity Begins at Home. As Harpers documented earlier this year, the McCains are true believers in the old saying that charity begins at home:

Between 2001 and 2006, McCain contributed roughly $950,000 to [their] foundation. That accounted for all of its listed income other than for $100 that came from an anonymous donor. During that same period, the McCain foundation made contributions of roughly $1.6 million. More than $500,000 went to his kids' private schools, most of which was donated when his children were attending those institutions. So McCain apparently received major tax deductions for supporting elite schools attended by his children.

Ironically, the McCain campaign last week blasted Barack Obama for having attended a private school in Hawaii on scholarship. That attack came just weeks after John McCain held an event at his old prep school, Episcopal High, an institution where fees now top $38,000 a year.

Private Jet Setters. As the New York Times detailed back in April, John McCain enjoyed the use of his wife's private jet for his campaign, courtesy of election law loopholes he helped craft. Despite the controversy, McCain continued to use Cindy's corporate jet. For her part, Cindy McCain says that even with skyrocketing fuel costs, "in Arizona the only way to get around the state is by small private plane."

Help on the Homefront. In these tough economic times, the McCains are able to stretch their household budget. As the AP reported in April, "McCain reported paying $136,572 in wages to household employees in 2007. Aides say the McCains pay for a caretaker for a cabin in Sedona, Ariz., child care for their teenage daughter, and a personal assistant for Cindy McCain."

Well-Heeled in $520 Shoes. If clothes make the man, then John McCain has it made. As Huffington Post noted in July, "He has worn a pair of $520 black leather Ferragamo shoes on every recent campaign stop - from a news conference with the Dalai Lama to a supermarket visit in Bethlehem, PA." It is altogether fitting that McCain wore the golden loafers during a golf outing with President George H.W. Bush in which he rode around in cart displaying the sign, "Property of Bush #41. Hands Off."

And so it goes. John McCain proclaims $5 million finally makes you rich. Meanwhile, ABC's Charlie Gibson thinks a $200,000 income makes you middle class. And his colleague Cokie Roberts claims Barack Obama's vacation to his home state of Hawaii was "exotic."

(For video details of John McCain lifestyle of the rich and famous, visit here and here.)

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