More hypocrisy! Obama uses tax shelters for his kids to avoid paying his fair share

barack-obama-arroganceNot only did Obama only pay 20.5% of his income to taxes last year, when his federal income tax rate should be 35% (and he doesn’t get income from capital gains), but now he’s also setting up tax shelters for his kids to avoid paying even more taxes! If you could bottle the hypocrisy the comes from Obama, his wife, and the Marxist Democrat party and turn it into oil, you’d never have to buy oil again from terrorist countries. There is of course nothing illegal with what Obama did, but if he’s so “serious” about having everybody paying their “fair share” in taxes, why isn’t he setting an example?

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.

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April 13, 2012 · Filed Under General Politics, Taxes


Comments

  • http://www.facebook.com/Arthur.Schwartz007 Arthur Schwartz

    So what? This article was written by a tax illiterate knit wit. No one says you can’t give your kids gifts up to the limit allowed by the tax code without incurring gift tax. For years this has been between $10,000 and $12,000 per recipient per year. The receiver of the gift pays no gift tax up to those limits. In the meantime, Obama would likely have had to pay tax on his earned income, presumably the source of these gifts, so where is the hypocrisy?