Posts Tagged ‘obama taxes’

Obama Kids get $48,000 — tax free!

Tuesday, April 17th, 2012

Obama Kids get $48,000 — tax free!

Obama wants YOU to pay higher taxes but NOT him.

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.

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Comprehensive List of Obama Tax Hikes

Wednesday, January 25th, 2012

Comprehensive List of Obama Tax Hikes

Since taking office, President Barack Obama has signed into law twenty-one new or higher taxes:

1. A 156 percent increase in the federal excise tax on tobacco

2. Obamacare Individual Mandate Excise Tax

3. Obamacare Employer Mandate Tax

4. Obamacare Surtax on Investment Income

5. Obamacare Excise Tax on Comprehensive Health Insurance Plans

6. Obamacare Hike in Medicare Payroll Tax

7. Obamacare Medicine Cabinet Tax

8. Obamacare HSA Withdrawal Tax Hike

9. Obamacare Flexible Spending Account Cap – aka “Special Needs Kids Tax”

10. Obamacare Tax on Medical Device Manufacturers

11. Obamacare “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI

12. Obamacare Tax on Indoor Tanning Services

13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D

14. Obamacare Blue Cross/Blue Shield Tax Hike

15. Obamacare Excise Tax on Charitable Hospitals

16. Obamacare Tax on Innovator Drug Companies

17. Obamacare Tax on Health Insurers

18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives

19. Obamacare Employer Reporting of Insurance on W-2

20. Obamacare “Black liquor” tax hike

21. Obamacare Codification of the “economic substance doctrine”

For full details on each tax, check out Americans for Tax Reform

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