Free Republic

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...

President Obama and the first lady on Thursday reported earning $5.5 million in 2009, the majority of which was from the sale of Obama’s books, the White House said. By contrast, former President Bush and Laura Bush reported a taxable income of $719,274 in 2007. The Obamas paid nearly $1.8 million in federal income tax and reported giving $329,100 to 40 charities. Their tax return is here. ---- Some context: The Obama's household income jumped from $991,296 in 2006 to $4.2 million in 2007. It was $2.7 million in 2008. ---