Subsidizing the Hight Cost of College for the Children of Millionaires, the Obama Daughters

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.

Uh-oh.

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.

Get Ready. Here Comes the Community Organizer in Chief

Based on media reports about the focus of tonight’s State of the Union, it’s clear that you can take the community organizer off the street corner, and take away his clipboard, but you can’t take the street corner out of the community organizer, who will substitute a TelePrompTer for the clipboard and proceed to cloak his desire to use the massive power of the government to take one person’s stuff and give it to someone he considers more deserving. If you had any doubt that the Obama campaign plans to resort to outright lies and demagoguery to try to win the election, the announcement that Warren Buffett’s secretary will be sitting next to Moochelle Obama tonight should clarify matters nicely for you.

The so-called Buffet Rule is based on the talking point, initiated by Mr. Buffett, and taken up as a mantra by Barack Obama; specifically:

The Buffett rule — which the president said was developed after the billionaire investor said he paid a lower effective tax rate than Bosanek, his secretary — forms a key component of Obama’s plan to boost short-term spending to help create jobs for the middle class.

And Bosanek will offer a sharp symbolic juxtaposition with the GOP on a day when Republican presidential candidate Mitt Romney released tax returns that show he paid an effective tax rate of 13.9 percent on his 2010 income of $21.6 million. He estimates payment of an effective rate of 15.4 percent on income of $20.9 million in 2011.

Nicely played, WaPo, but aren’t you missing something? From the Wall Street Journal:

The Berkshire Hathaway magnate makes much of the fact that he paid only 17.4% of his income in taxes, which he considers unfair when salaried workers often pay more. But Mr. Buffett makes most of his income from his investments, in particular from dividends and capital gains that are taxed at a rate of 15%.

What he doesn’t say is that much of his income was already taxed once as corporate income, which is assessed at a 35% rate (less deductions). The 15% levy on capital gains and dividends to individuals is thus a double tax that takes the overall tax rate on that corporate income closer to 45%.

And speaking of missing something, wait, is she paying a higher or lower tax rate than her boss Mr. Buffett?

Consider the stunning performance that we are about to witness. A man who has benefitted his entire life from government largess, be it through affirmative action or living large on the taxpayers’ dime, will lecture the makers about their failure to give to the takers. A man who donated 1% of his income to charity will hint darkly about the greed of his desired 2012 opponent, who gave 15% of his to charity. A man who masqueraded as a leader who understood there was “no red America, and no blue America, only the United States of America” all the while knowing that his life’s mission was to “rub raw the resentments of the people of the community,” and who admitted that he is less concerned about revenue to the treasury than he is about “fairness,” will proceed to stoke those resentments to enhance his political fortunes. The bitter, angry race-obsessed cauldron of rage and entitlement otherwise known as Michelle Obama, who lives at a level of luxury unknown to nearly every other human being on the planet, will try to hang on to her position feeding at the government trough by using one of the little people as a mascot, hoping no one will notice the deceit unpinning the so-called “Buffet rule.”

It disgusts me to think that any American could buy into this garbage, but sadly, the Left’s 100-year project of dumbing down the population appears to have been successful.

We’ll be live chatting during this bizarre spectacle tonight here. Let’s hope it’s more interesting than that snoozer of a debate Brian Williams hosted last night. Please join us.

Last Night’s ABC GOP Debate Unpacked, and Obama Said It Himself-One and Done! Today on the Teri O’Brien Show

Did you miss last night’s ABC GOP debate? No worries. You know that I watch so you don’t have to. Since you no doubt have a life, and therefore something more interesting to do on a Saturday night, tune in and hear all about it. Who won? Who lost? Who set the Twitterverse on fire with one remark? Did Mitt deliver a knock out blow to the man who threatens to ruin his Christmas, Newt Gingrich? How did Newt handle the thinly-veiled references to his, shall we say, colorful personal life?

 

Here he goes again: Barack Obama is making promises about reducing unemployment again, whining about what he inherited, and inadvertently admitting that his goal for America is not opportunity, but–I hope you’re sitting down–income redistribution.

 

Tune in Sunday for the rest of the story.

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