Mrs. McCain, San Diego County Would Like a Word

I used to live in Santa Barbara - due to Prop 13, you only pay 1% of the value of when you purchased your home or what it was appraised at when the law went into effect. The law was intended to keep older folks in their homes by not making their taxes super high just because their property values went sky high. Our taxes were only $400 year as of 1993 when our home sold for $250K, but that's because it was based on a 1980's value. The new owners would have to pay $2300 year and if it sold tday at about $800K, the taxes would be $8000.

See who the first wife of John McCain is working for now and who she contributed to

http://webofdeception.com/#carolsheppmccain

The real property tax rate in LaJolla California is a MINIMUM if 1% per year of the value of the home -- you can look this up on line. The 1% minimum rule was made around 1990, and is subject to annual review of up to 2% per year. So, if the McCain's tax bill for this past year was around $1,742, that means their condo is valued at NO MORE than $174,200.

A quick tour of the MLS listing for LaJolla waterfront condos in this current market has them selling for an average of about 2 million dollars. The cheapest one I could find was $600,000, and the most expensive $4.5 million.

Why is the McCain's condo so terrifically undervalued? Why are they paying such a low tax rate? Their condo has a pool, a spa, a fire pit, a gas barbecue, steam rooms, etc. -- obviously a luxury property. It can not possibly have a value of only $174,200.

The citizens of LaJolla should be up in arms. I am SURE that they average resident there isn't paying a mere $1,742 per year in property taxes.

The proper permits were not pulled when the McCains converted this condo into one from two condos (1105 &1106) for the roof top zero edge pool, sun deck, spa, fire pit, gas barbeque, men???s and ladies??? locker rooms, steam rooms, massage room


www.webofdeception.com

To showtyme: You are SOOO wrong on just about everything you wrote.

1. Cindy McCain OVERSEES the Trust. Cindy McCain is, thus, the trustee, administrator and/or grantor of the Trust. Meaning Cindy McCain MUST FILE and SIGN HER NAME to IRS Form 1041 annually as part of her annual personal taxes.

** If you're the Trustee (Cindy) or administrator of a trust (Cindy) BY LAW you will need to prepare and file Form 1041 and the associated Schedule K-1 forms for each of the Trust's beneficiaries. Each beneficiary will need a Schedule K-1 for use in preparing his own Form 1040.

** So, whether John McCain or the elderly, or both, are the beneficiary of the Trust they will need a to file Schedule K-1 for preparing their OWN Form 1040.

2. You are so wrong if you think that Cindy MCain, owner and administrator of the Trust that holds an estate, does not have to report the estate on her annual taxes. She does AND therefore, as I posted 6/30 at 9:38, the McCain Default on the condo in San Diego would have been caught, 4 years ago, 3 years ago, 2 years ago, 1 year ago AND this year when the Form 1041 was being prepared each year ..... UNLESS ... McCain FRAUDULENTLY claimed those tax payments on her Form 1041.

3. You are wrong if you think that Cindy McCain own's the condo & can get a tax break because her elderly aunt lives in the condo. In order for the elderly aunt to receive the tax break for the elderly, the elderly aunt HAS TO OWN THE PROPERTY and she does not.

5. If I own a condo & rent it out to an old lady, my property tax liability does not go down because an old lady lives in the condo. If I own a home, through a Trust or not, and I let an old lady live in that condo, rent free or not, I do not get a tax break on my property tax liability just because an old lady lives in the condo.

I'm sure John McCain would appreciate the propaganda a.k.a. false information, you are posting on this board. You remind me of those Bush 25% Club folks ... you know that 25% of the population that support Bush.

FYI: "DOW Jones has worst June (2008) since the Great Depression" -- that, according to: ALL news agencies & publications that follow the stock market ... anyone encouraged by Bush Economics?

John McCain is no different than George W. Bush -- Bush has ruined the US economy & McCain intends to follow the same Bush Economic disaster that has pushed the Stock Market into the worst June since the Great Depression. Naturally, June 5, 2008 Bush approval rating is at an all time low 25%

Surly to goodness you are not so oblivious that you think a person can own a Trust and not include those assets on their annual personal income tax forms?

A bit of trash reporting if there ever was one. Mrs. McCain hardly handles the billing and payments for a trust with which she is somehow involved. And, it is inaccurate to imply that she owns the property - it is in trust. Seems to me to be a blatent political smear job. Dignity Index - 95!
(The posted comment about her abilities to manage business affairs is also way off. She has greatly expanded the business she inherited and is very active in many charitable organizations. How about a story shoecasing those activities.)

Wow, how unusual, there are a whole lot of democrats out there all pissed off over a non issue. Let me address some of the comments below.

- Yes, when you are rich you tend to not handle your own finances at all. Stop hating on the McCain's just because you are not rich. And why would poor personal money management matter anyways? I doubt seriously neither the president nor first lady is responsible for sending out your refund checks. I am quite certain there are massive government departments to take care of this. So don???t worry about it.
- The tax rate is probably low because the elderly aunt that lives in the condo is qualified for some sort of property tax relief. Isn't this usually a staple of the democratic party? Tax able people more and less able people less. (Who cares that she is the benefactor of a trust. That is why trusts are set up to remove the assets from the aunt's name thus qualifying her for the reduction. You can't have it both ways people.)
- The property taxes would not be reported on the McCain's personal tax returns. Trusts file their own separate tax return. (nice try though)
- $100,000 in credit card debt? Who cares?!? Who cares if they have $1 million in credit card debt? They are worth over $100 million. That is a more than exceptable ratio of debt usage to net worth. (again stop being haters)

Now I myself traditionally vote republican (surprise surprise) but have not decided who I am voting for this year. I am not a huge McCain fan, but I am also not an Obama fan. This is definitely going to be a tough election for people like myself who try to actually make decisions based on information that matters. I am actually hoping a strong independent jumps up this year to give an alternate choice. Someone who has experience, a solid track record, a good moral compass, and the resolve to take us through what are promising to be some of the worst years this young country has ever seen. And yes I know an independent can???t win, but it would be nice to see a strong showing for an independent. I am getting kind of tired of the two party system. A consistent third choice would be a nice addition to our political process.

Let me get this right. The amount owed for the last four years on a condo in La Jolla was only $6,744.42 AND was deliquent for over 4 years?? Something stinks to high heaven. If this was the other nominee, you can bet your bottom dollar it would make front page news and would be on every channel. I seem to remember this same Cindy McCain who couldn't come up with receipts in regards to her and hubbys financial connection with Keating of the whole Keating Five fiasco, then they mysteriously surfaced a few years later. At least he was honest when he stated he knows nothing about economical matters. Obviously neither does his wife. These are the people we want in control of our wallets?

Cindy & John simply do not have the organizational and moral skills necessary to run this country.

I am proud of my fellow Americans for, at least so far, seeing the reality of these individuals as clear as possible. I mean to miss one year is one thing, but after this long, the must have noticed... Do you just 'forget' how many properties you own?

This kind of "story" is hard to swallow. Give me a break! The McCains are too busy and/or too rich to get all their bills paid - EVEN taxes? I agree with another that if this story concerned the Obamas, we'd hear it every 5 minutes for a week! Whether he is old, whether he is a war hero, whether at one point in his career he could accurately be called a Maverick should not matter one iota. Get with it!

I hope the journalists of this piece followup with at least 2 questions?

1. Why McCain's tax liablity so low on Ocean Front Property in La Jolla, California? (One of the most expensive communities in this country)

2. Did McCain's fraudulenlty claim to have paid these taxes on their Tax Returns over the last 4 years?

Could Newsweek's "spin" of this article be any more pro-McCain? "Gee, even though it's really hard to pay taxes when your job has been outsourced to India or your company's illegal business practices send you to the unemployment line -- but imagine how hard it is to pay your bills when you're a MILLIONAIRE Cindy McCain!"

They have been giving SUCH a soft sell to anything regarding the McCains -- how about that puff piece a few weeks ago about the candidates' wives -- Cindy's drug addiction and REPEATED theft of drugs from the charity she founded (hmmm, I'm a rich drug addict and I need access to drugs -- let's start a charity that dispenses medication...).

If the Obamas had done ANY of these things the press, including Newsweek, would be all over them like flies on you-know-what.

Get it together, Newsweek!

Property tax payments are reported to the IRS annually on personal income tax forms IRS 1040.

It is illegal to report you've paid those taxes when you have NOT paid those taxes.

This is a big deal because McCain should know what is happening in his own home. If McCain cannot even keep up with the goings on in his own home, how can he manage this country? He can't ....

FACTS:
The McCain default would have been noticed during the Filing & Preparing of IRS Annual Tax Returns - 4 years ago!

The 2nd consecutive year of McCain default would have been noticed during the Filing & Preparing of IRS Annual Tax Returns - 3 years ago!

The 3rd consecutive year of McCain default would have been noticed during Filing & Preparing of IRS Annual Tax Returns - 2 years ago!

The 4th. consecutive year of McCain default would have been noticed during Filing & Preparing of IRS Annual Tax Returns - 1 years ago!

Note: Cindy has not paid this year's property tax on that property which is due tomorrow (July 1). Thus, the 5th. consecutive year of McCain default would have been noticed during Filing & Preparing of IRS Annual Tax Returns - THIS YEAR!

So, who is to blame? John & Cindy McCain that's who. It is the LEGAL responsibility of the home owner to keep the mailing address current at the county tax office ....

Why didn't the McCain's allow the trust to pay this year's taxes? They are in default tomorrow meaning they were due a long time ago.

Gee, it must be nice to be rich, but I think I'll be voting for someone who can at least remotely relate to the great unwashed masses and the vast majority of WE-THE-PEOPLE.

Gee, it must be good to be rich. But, I think I'll vote for someone who can at least relate, a little bit, to being someone like the vast majority of the rest of us.

Four years?

If it was anyone else, that person would be in jail, living on the streets, or on the run.

America....the land of the rich and the poor.

Corey Mondello
Boston, Massachusetts
www.CoreyMondello.com
6-30-08