Jen Ennenbach (@JenEnnenbach) April 13, 2012
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.
OBAMA FAMILY TAX SHELTER
FIRST FAMILY TRANSFERS WEALTH, AVOIDS TAXES || While bashing the 'rich' for doing same thing!—
The TN Conservative (@TennConserv) April 13, 2012
Obama wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters
Your being played like fiddle—
R (@DodgeTomahawk) April 13, 2012