Posted on 02/18/2009 5:31:52 AM PST by dascallie
Tax troubles for president's chief of staff
Emanuel's rent-free Washington residence draws questioning
February 17, 2009 9:47 pm Eastern
© 2009 WorldNetDaily
There could be tax troubles on the horizon for White House Chief of Staff Rahm Emanuel, who reportedly has lived rent-free in Washington for five years but hasn't paid taxes on the imputed income from that, according to reports.
He's the latest in a growing list of President Obama's nominees to have been involved in tax issues, according to those tabulating the tally in Washington.
According to WND columnist Phyllis Schlafly, several of "Obama's major nominees are mired in political embarrassment. Three withdrew their names from consideration, one sneaked through confirmation because senators were still intoxicated with the Obama honeymoon, and Obama plans to use a waiver so the Senate will approve the fifth."
"Funny thing," she continued, "Americans don't seem to like it when government officials evade the taxes the rest of us pay, especially when they evade more taxes than most Americans' entire tax bill. Apparently, that doesn't seem to bother Obama."
(Excerpt) Read more at wnd.com ...
She gets the imputed income as she should have made (and paid taxes on) that $100,000.00 she could have earned.
AND
He gets the imputed income as he received (and should have paid taxes on) that $100,000.00 worth of value he didn't have to pay out of his own pocket...
Looks like a very cross species...
Okay, I was at least 'technically' half right; She does get nailed for the "imputed income".
I just disagree on the term "Imputed Income" for Rahm(1). I think his "Income" falls more under the Gift Tax as he was 'given' something of value.
And I still think we should call Charlie Rangel for his 'expert' opinion :-)
(1) I looked up the definition and examples of Imputed Income and they didn't seem to pertain to Ram's 'free' room and board.
What the hell, tax him as if it was both “imputed income” AND a gift...
I'm with ya!
"Hi there, Americans. I'll be alright, soon as I get my colon cleansed."
RETSIGNMAN PHOTOSHOPPING---"IT'S GETTING CROWDED AT RANGLE'S BEACH"
Little Tommy's warming his buns on Tax-Cheat Beach, too.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.