15 Apr

Taxpayers subsidize Obama’s daughters’ education

And he paid a lower rate than Buffett’s secretary

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.

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.

The Obama’s tax return indicates that the gifts, likely for their daughter’s college educations, began in 2007, when the maximum exemptible amount was $24,000 per couple. The maximum exemption has since increased to $26,000 per couple.

The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent. According to an analysis of the president’s tax return, he may have paid a lower rate than his secretary despite making more than eight times as much money as she did.

Washington Free Beacon

       

About DrJohn

DrJohn has been a health care professional for more than 30 years. In addition to clinical practice he has done extensive research and has published widely with over 70 original articles and abstracts in the peer-reviewed literature. DrJohn is well known in his field and has lectured on every continent except for Antarctica. He has been married to the same wonderful lady for over 30 years and has three kids- two sons, both of whom are attorneys and one daughter on her way into the field of education. DrJohn was brought up with the concept that one can do well if one is prepared to work hard but nothing in life is guaranteed. Except for liberals being foolish.

4 Responses to Taxpayers subsidize Obama’s daughters’ education

  1. Liberal1 (objectivity) says: 1

    “According to an analysis of the president’s tax return, he may (OR MAY NOT) have paid a lower rate than his secretary despite making more than eight times as much money as she did.”

    Just goes to show how much we need tax reform.

    ReplyReply
  2. johngalt says: 2

    @Liberal1 (objectivity):

    Apparently, you missed the part where the “Buffet Rule” that Obama is championing would not have applied to him this year. Couple that with the minimal $4 Billion(Compared to a deficit of $1.2+ Trillion) that the “rule” would garner in revenue, and it’s readily apparent that Obama is playing the class-warfare game. That the “intellectual” lefties are buying the tripe Obama is shoveling is amusing, to say the least.

    ReplyReply
  3. Aleric says: 3

    Whenever a Liberal starts spouting about Tax Loopholes and taxing the rich more it simply means to Tax anyone but themselves more.

    ReplyReply
  4. mossomo says: 4

    @Liberal1 (objectivity):

    he may (OR MAY NOT) have paid a lower rate

    Let’s remove “may or may not” from the equation and simply agree that it’s fairly obvious fact that Obama had to have taken advantage of tax breaks to bring his family’s tax liability from the stated 35% for their income bracket to the 20% he actually paid on the ~$800K they earned.

    Now when Oil Companies utilize tax breaks, media matters and the lefty talking heads all parrot the same contrived JournoList meme that Big Oil’s utilization of tax breaks, now called tax loopholes is method of subsidizing the Oil Industry. By this very logic are we not subsidizing the Obama family?

    ReplyReply

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