Obama Family Tax Shelter -(First family transfers wealth, avoids taxes)<quoted text>
IT IS WHAT IT IS,OBAMA COULD HAVE INVESTED HIS MONEY IN THE USA,HOWEVER HE IS A HYPOCRITICAL LIAR!!!!!!
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 presidents taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthymillionaires and billionaires like himselfto pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.