For the last several months, Barack Obama has been criss-crossing the country inveighing against the outrageous failure of the evil rich to pay their “fair share” of taxes, and promoting the “Buffett rule,” which in itself is silly and laughable, and is made even more so by the fact that Mr. Buffett’s company, Berkshire Hathaway, is admits to owing back taxes back to 2002.
With the release of the Obamas’ latest tax return, we learn that:
(1) He probably paid a lower tax rate than his secretary. I say “probably” because the most recent data is from a former secretary, Katie Johnson, who now attends Harvard Law School, and what we know about her seems to come from Wikipedia. Apparently, the most transparent White House in history hasn’t seen fit to tell us much about Obama’s Gal Friday. From White House Dossier:
Obama’s federal income tax rate was 20.5 percent. If you include the Medicare and Social Security taxes paid by Obama, his total federal tax liability is 21.8 percent, fully two percent less than that of his secretary even though his adjusted gross income was nearly nine times hers.
Since I recognize that the talking points about “the income inequality gap” and “fairness” for the crypto-commie crap it is, I’m not that concerned about that, but I do note the silence about it from our friends on the Left. But then, there’s this …
(2) What does frost my behind is realizing that we are not only subsidizing the luxurious vacations, celebrity-studded soirees, the full-time makeup artist and the personal trainer flown in from Chicago, and other essential for Her Excellency, we are also subsidizing the future college educations of the Obama daughters to the tune of $48,000, so far. From Free Beacon:
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.
So we are “giving” Barack and Michelle $48,000 in the form of “tax cuts for rich.” What, say you, Obama apologist? It’s their money, and the deduction is perfectly legal? Precisely, which is why we need genuine tax reform to reward achievement and job growth, not foolishness like the “Buffett rule,” promoted by a couple of buffoonish hypocrites like B.Hussein Obama and Warren “Tax Me More Even Though I Don’t Even Pay What I Owe” Buffett.