Our Dear Leader is so elegant. He is a magician with words, he wears the finest suits and not to mention that drop dead orgasm inducing bod of his.
Now surprise, surprise President Barry is introducing a new line of fashionable bullshit. Is all that pretending that “paying taxes is patriotic” getting bags under your eyes? Lying through your teeth when you say the Republicans don’t scare you when they mention that the stimulus jeopardizes the future of your children?
Not to worry. Barry has some tips for you to pay less taxes without giving up your liberal persona of loving them so much. After all hypocrisy is the mother of evasion. Please read further so you can savor all of the delicious details:
Take a look at this story in the Wall Street Journal, Obamas Pump Up College Savings: Parents Make Big Upfront ‘529’ Investment for Their Daughters’ Tuition. The Obamas sure know how to reduce their tax cheat footprint while ushering in the “Era of Elegance” at the White House
From the Wall Street Journal
APRIL 18, 2009
By JANE J. KIM
Malia and Sasha Obama’s college education appears to be taken care of in a massive contribution that the president and first lady made to a “529” college-savings plan in 2007.
But like everyone else, they have likely suffered big losses.
According to their 2008 tax returns, the Obamas took advantage of a unique feature of 529 plans that allows account owners to front-load five years’ worth of contributions, $240,000 in total for the two girls. They did so without triggering gift taxes — now levied on any gift exceeding $13,000 a year. Form 709, the federal gift-tax form, shows that Barack and Michelle Obama made equal contributions of $120,000 each, or $60,000 to each of the two children in 2007.
Senate disclosure forms released last year show that the contributions were made to Illinois’s adviser-sold Bright Directions College Savings Program, in two age-based growth portfolios, which are designed to become more conservative the closer the child is to attending college. Assuming that the Obamas haven’t changed their investments, one of those portfolios has lost roughly 35% in the past year through March, while the other one is down about 27%..
Well isn’t that special…Barry, darling you have been holding out. Don’t be so selfish and spread those tax dodging tips with the rest of us.
Let’s get this straight, we can front load our kids education expenses inorder to avoid any tax implications. GOTCHA.
By front-loading five years’ worth of contributions, the Obamas also are cutting possible future taxes on their estate since they have gotten $240,000 — and any future appreciation on that amount — out of their estate, says Tom Ochsenschlager, vice president of taxation at the American Institute of Certified Public Accountants, or AICPA.
To be sure, not every family has the means to sock away as much money into 529 plans. The five-year gift election is typically used by wealthy individuals or grandparents who want to help pay for college while reducing their taxable estates, says Joe Hurley, founder of Savingforcollege.com. “Most parents don’t have that kind of money to put in all at once.”
(Winks Eye) Thanks Barry!!!!
NO KID I SEE STUPID PEOPLE THAT CONTINUE TO SUPPORT THE TAX CHEATS
Autographed Letter Signed,