Not 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.