This must be understood: Obama is a rich guy.
He wants rich Americans to pay more taxes and spread the wealth around. He holds that principle. He believes that the rich should give to the poor, or less rich.
It seems odd that Obama, always running around yapping about class warfare and stressing the need to make the rich pay more, would gift $48,000 to his daughters to avoid paying taxes.
Yes, it's perfectly legal. However, Obama comes off as a complete hypocrite.
Why would he be using the tax code to avoid paying his "fair share" while preaching about the duty of others to pay more in taxes?
Obama is doing the very thing he rails against.
By giving their daughters $24,000 each a year, tax-free, Obama and Michelle are stealing from the poor. Rather than paying taxes on that money, they're sheltering it from government confiscation by gifting it to Sasha and Malia.
From the Washington Free Beacon:
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.
Obama, rich guy, quit exploiting the tax code to avoid paying your fair share in taxes.
Michelle, rich woman, must be nice to have the "luxury" of handing over all that money to your daughters, tax-free.
Giving money to their daughters to avoid taxes - the audacity!
2 comments:
Reminds me of a guy at work (very nice guy, well-meaning and a gentleman) who is very pro Obama and anti-conservative....always saying how corporations don't pay enough taxes etc. He makes over $200K per year and recently was asking some of us co-workers about lowering his tax burden by gifting to his kids.
Liberals tend to be generous with money (but much less so if it's their own$$)
The inconsistency bugs me.
Obama is such a phony.
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