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.

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

I wish the Millionaires and Billionaires would pay their fair share: #Obama Family #Tax Shelter bit.ly/IA9uMs #tcot #ocra—
Robert Upward (@robupward) April 13, 2012

Kettle calling the pot black. What a hypocrite. . Obama Sets Up Tax Shelter for his Kids: soc.li/6nNd50F—
curtis_harwell (@curtisharwell) April 13, 2012

bit.ly/IEn2Vc – You can demonize the tax code, but you shouldn't demonize those that leverage it – it's there 4 everyone, incl. POTUS—
DReinsel (@DaveReinsel) April 13, 2012

Narcissists have no shame….Obama IS a narcissist…. nation.foxnews.com/president-obam…—
Doug Angstrom (@champa911) April 13, 2012

freebeacon.com/obama-family-t… The Obamas: practicing what they claim to despise. Raises eyebrows. #tcot—
Rachelle Crawford (@Rachelle777) April 13, 2012

Obama wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters
freebeacon.com/obama-family-t…

Your being played like fiddle—
R (@DodgeTomahawk) April 13, 2012

Translation in leftist rhetoric: Obama exploited loop holes in the tax law. What a jerky wealthy person. nation.foxnews.com/president-obam…—
Red (@red_red_head) April 13, 2012

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