Hey Obama, if you REALLY believe you should be paying more in taxes, what’s stopping you from writing a big, fat check to the US Treasury?
Other than your blatant hypocrisy?
President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according toÂ tax recordsÂ 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 presidentâ€™s taking advantage of this tax shelter, but it does raise eyebrows given that he hasÂ lamentedÂ the myriad tax exemptions used by the wealthyâ€”â€œmillionaires and billionairesâ€ like himselfâ€”to pay less in taxes. He hasyet to proposeÂ a comprehensive plan to reform theÂ byzantine tax code.
President Obama has been making a big political push for the â€œBuffett Rule,â€ which would require millionaires to pay a minimum of 30% of their income in taxes. To illustrate the point, the president has pointed out that billionaire investor Warren Buffett pays a lower tax rate than does his secretary.
President Obamaâ€™s secretary, Anita Decker Breckenridge, makes $95,000 a year. White House spokeswoman Amy Brundage tells ABC News that Breckenridge â€œpays a slightly higher rate this year on her substantially lower income, which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share. â€
It should be noted that president would not be impacted by the Buffett Rule, though he would see his taxes go up if the so-called Bush tax cuts on higher income wage-earners were allowed to expire, as the president says he wants.