Obama -- THE TAX LOOPHOLE HYPOCRITE!!!

Discussion in 'Politics' started by healthmyths, Apr 13, 2012.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    THIS hypocrite criticizing "millionaires and billionaires"..
    the dumb dick COULD NOT HAVE done this and lead by example to the other evil
    millionaires/billionaires and NOT taken these loopholes!!!

    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 Family Tax Shelter | Washington Free Beacon
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    Those "gifts" are paid with after tax income.
     
  3. starcraftzzz
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    starcraftzzz Senior Member

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    Yes Obama wanting to raise his own taxes is totally hypocritical
     
  4. theHawk
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    theHawk Registered Conservative

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    Wow, $48k "gifts" to their daughters for the purpose of avoiding taxes.

    Typical lib, do as I say, not as I do.
     
  5. konradv
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    konradv Gold Member

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    He paid tax on the money, his daughters didn't. It's basic gift tax law and there'd be crying about double taxation, if it was any different. As it is, $12,000 is the cut off. Above that and his daughters would have had to pay tax on what they received. That doesn't mean he didn't pay tax. BTW, his effective tax rate was 20.5%. Not high, but he did have a big deduction for contributing 22% to charity, on a gross of about just under $800,000.

    President Obama's tax rate was 20.5%, lower than his secretary's - latimes.com
     

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