Above the law: Obama sets up tax shelter for kids

According to tax documents, Barack and Michelle Obama gave a total of $48,000 in tax-free gifts to their daughters.

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.




  • Guest

    $48K for their kids as compared to the $1 million that Romney sheltered for each of his and millions more he shelters in offshore accounts.  Way to go Twitchy, you really have a scoop!

    • http://twitter.com/MiaBurchhomes Mia

      Romney wasn’t the one preaching to everyone to pay fair share. Obama did! Look for Hypocrite in dictionary, you will see Obama’s picture!

      • Guest

        And if you look in the dictionary under sheep …

        • http://twitter.com/cary_powell Cary Powell

          You will find Obama followers…

          • Guest


          • tinker_thinker

            I saw you!

      • tinker_thinker

        And his own!

    • Also Wondering

      Where did you get that Romney sheltered $1 million for each of his kids?  Are you just making this up to make Romney sound bad?  It doesn’t work under the tax code and shelters off shore just protect earnings off shore or in other countries.  With current low capital gains rates most of that money stays in the US if rates go away more money will go overseas……

  • kateorjane

    But Romney is not the one harping about how evil rich people are and how they aren’t paying their “fair share.”  How is Obama paying his “fair share” if he’s using the tax code to make money to his girls tax exempt?

    • Guest

      Because he is following the tax law.  Sheep!

  • http://twitter.com/MiaBurchhomes Mia


  • Armando

    This is why he is trying to reform the taxes: 
    Obama’s tax plan raises his tax rate. Mitt Romney’s plan cuts his own taxes in half. 

    • dennylee60

      Not just his own but everyone else’s tax rate also.  

  • marine37

    Remember it’s “don’t do as I do, do as I say,” in this regime.  IT sounds like paussend may be looking for a job.  What, obuma hasn’t been paying your rent, gas and food bills lately?

    • Botzilla

      pausend is a typical Obama zombie, one thumb up his ass and the other thumb in his mouth waiting for “Dear Leader” to yell switch.