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Obama Family Tax Shelter

Posted by Anti-Tyranny News on April 15, 2012 at 2:25 PM

Washington Free Beacon

April 13, 2012


First family transfers wealth, avoids taxes


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.


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Categories: Politics, Constitution News, Economic News

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