Obama said.. In order to afford just one $250,000 tax cut for somebody like Mr. Romney, 125 families like yours would have to pay an another $2,000 in taxes each and every year, he said Does that sound like a good plan for economic growth? Pres. Obama attacks Romney on tax cuts while speaking in Mansfield - Toledo Blade So Obama should NOT have taken this TAX cut! 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 presidents taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthymillionaires and billionaires like himselfto pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code Obama Kids get $48,000 — tax free! | Conservative Byte In so doing OBAMA was able to reduce HIS TAX payments by 10% over what he would have paid in taxes if he wasn't such a hypocrite! He complains about the tax loopholes HE USES!!! Be a leader Obama... DON"T TAKE ANY DEDUCTIONS and ENcOURAGE all your WEALTHY FRIENDS... Buffett... GATES... all those billionaires to NOT TAKE ANY DEDUCTIONS!!!