Posted on 04/13/2012 1:48:15 PM PDT by Beaten Valve
President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.
The Obama’s tax return indicates that the gifts, likely for their daughter’s college educations, began in 2007, when the maximum exemptible amount was $24,000 per couple. The maximum exemption has since increased to $26,000 per couple.
The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent. According to an analysis of the president’s tax return, he may have paid a lower rate than his secretary despite making more than eight times as much money as she did.
His most recent tax proposal—the so-called “Buffett Rule”—would increase taxes on about 4,000 millionaires and raise about $4.7 billion in new revenue per year, enough to cover about 0.4 percent of the projected budget deficit in 2012. Though the rule would apparently not hit the president himself.
Supporters of the rule have acknowledged that the projected revenue from the “Buffett Rule,” which the Democratic-led Senate is expected to vote down, is “not even a meaningful small amount.”
The Obama’s untaxed gift to their daughters will leave American taxpayers to subsidize the college education of the children of the multi-millionaire Obamas
Beverly Hillbillies had way more goin on then this trash...
Tax loophole for the wealthy...(as creep-in-chief would say)!
They need to pay THEIR “FAIR SHARE”!
I wonder why he didn’t just pay more and skip the loophole since he lectures the rest of us on how to run our lives? /s
Oh, so this is what those 99%’ers have been protesting about...people like the pResident
Barry IS the 1%
Just because a tax deduction is there...doesn’t mean you have to use it.
Barry hates the Poor
“...doesn’t mean you have to use it.”
I would use it. But then, I’m not the one criticizing people for using it.
BHO: Don’t do as I do, do as I say! I’m above you because I live on a hill and I can see all you slaves from my White House.
We want to see the expense account for all the trips....We’re not stupid....Even the dog lives a lot better than us HARD WORKING FOLKS.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
++++++++++++++++
Very misleading statement. Obama gets no reduction in taxes from this transaction. It is hs daughters who have no tax obligation.
I looked at his return to see what huge deductions he took to lower his rate so much. He also must have a giant home loan because he deducted thousands from his interest payments on his mortgage. He also deducted thousands for real estate taxes he pays on his mansion.
What a pompus jerk.
More power to him but don't be bashing those that do the same as you!
Thugbama has to go!!! WTF is this? Kenya? oh wait . . . . .
Gee. I wonder if later the kids can give the money back?
Why doesn’t he give us all the greatest tax free gift possible....his immediate resignation?
The ‘C’ in Washington D.C. stands for ‘C’rooks. So it is Washington Der Crooks....
Anyone know how much they gave to charities?
A guy who thinks a family of four can't live on $162,000 a year probably reckons he needs those loopholes to survive. Without them he'll have to start subletting rooms in the White Hut.
what tax exemption is this?....I thought those gifts to children or adult children were NOT tax deductible for the giver?....
Yeah! Do as I say Not as I Do! Fing little Commie!
...............A guy who thinks a family of four can’t live on $162,000 a year probably reckons he needs those loopholes to survive. Without them he’ll have to start subletting rooms in the White Hut. ...................
Good point. You did notice that he also cashed in $2,968,000 of US Treasury notes (for almost no gain).
Must be expensive foe the Wookie to buy all those disgusting designer frocks and Gucci boob belts, even though he gets free housing, free food, free booze, free servant/slaves, free transportation, free vacations, free childcare.
I wonder how much there is left to steal from the White Hut this December for his Chitown digs, after Hitlery and Bozo cleared out the Smithsonian furniture warehouse and silver pantry in 2000.
Maybe there will be something left to send to his half brother for his cardboard box in Kenya.
This story makes no sense. If you give more than the limit you have to fill out form 709, but it looks like the Obamas' gifts were below the yearly limit so no tax form at all would have to be filed.
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