Does Anyone In Obama's Administration Pay Taxes?, page 1

From Market Ticker



Now Rahm Emmanuel is accused?

"NEWS broke last week that Rahm Emanuel, now White House chief of staff, lived rent- free for years in the home of Rep. Rosa De Lauro (D-Conn.) - and failed to disclose the gift, as congressional ethics rules mandate. But this is only the tip of Emanuel's previously undisclosed ethics problems.

.....

Emanuel never declared the substantial gift of free rent on any of his financial-disclosure forms. He and De Lauro claim that it was just allowable "hospitality" between colleagues. Hospitality - for five years?

Some experts suggest that it was also taxable income: Over five years, the free rent could easily add up to more than $100,000.

Of course it is taxable income. Anyone can give anyone up to $10,000 a year tax-free, but "gifts in kind" are still required to be reported and are taxable. If it is really $100,000 worth it exceeds the giftable amount and is subject to tax, just as certainly as it is if you get a chauffeured car and driver (aka Daschle)

What's worse though is this:

Nor is this all that seems to have been missed in the Obama team's vetting process. Consider: Emanuel served on the Freddie Mac board of directors during the time that the government-backed lender lied about its earnings, a leading contributor to the current economic meltdown.

The Federal Housing Enterprise Oversight Agency later singled out the Freddie Mac board as contributing to the fraud in 2000 and 2001 for "failing in its duty to follow up on matters brought to its attention." In other words, board members ignored the red flags waving in their faces.

The SEC later fined Freddie $50 million for its deliberate fraud in 2000, 2001 and 2002.

Meanwhile, Emanuel was paid more than $260,000 for his Freddie "service." Plus, after he resigned from the board to run for Congress in 2002, the troubled agency's PAC gave his campaign $25,000 - its largest single gift to a House candidate.

Oh that's nice.

We've now got a chief of staff who served on the board of Freddie Mac while they were flim-flamming their books?

Now THAT is "Change We Can Believe In"

PS: President Obama, if you truly didn't know about this, you need to fire Rahm today. If you did know about it, you need to resign.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Okay, at what point to we officially call this ridiculous?

No wonder these people have no problem spending our money and our children's and grand-children's money - they don't freaking pay into the fund they are spending!!!

reply to post by David9176

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You are always able to make me giggle, even about some of the most infuriating subjects! Thank you for that!

It's only voluntary until WE refuse to pay taxes

reply to post by redhatty

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Glad I could make you laugh, in times like these, a laugh never hurts.

You are right though, this is such complete and total BS.

Who HAS paid their taxes?

How can someone pick so many who have trouble paying their taxes?

We are supposed to TRUST these people?

We need revolution baby!!!

WOOHOO!!

reply to post by redhatty

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Are you kidding me do as we say and not as we do I believe should be this administrations moto. Taxes not for this adminstrations leadership they are the elite and are the new untouchables.


[edit on 19-2-2009 by amari]

reply to post by maybereal11

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you are allowed a gift of $12,000 that is not taxable (this years rules, last year it was $10K) but we are talking about a house that fair market would have gotten at least $100K rent per year

So at least $88K of that should have been reported as a gift and taxes paid accordingly.

Is it crazy, probably - but it's the Law of the Tax Code

reply to post by redhatty

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My questions remain...If this is an issue and the Republicans want to make a case that this constitutes tax evasion...

Does a child living with his parents after the age of 16 who isn't paying his parents rent need to estimate what his rent would be and pay appropriate taxes?

If there is an an exception for family...what does it extend to ...Can I stay with a cousin or uncle for a month or two without being liable for taxes on non existant transactions...estimated rent?

I once lived with a woman where I paid the mortgage and she covered the utility bills....must I now report her to the IRS for tax evasion and vice versa?

If my wife and myself offer to take in her best friend and child who is a single mom who just lost her job...must I demand that we either charge them rent or let the IRS know what I estimate the rent to be and report them?

Otherwise...What the ef is the GOP spin machine talking about when it claims that this is tax evasion!!

* It is fine (and I would argue even required in a democracy) to criticize the President and his administration as well as all our politicians.

But when it is done in a desperate fashion, and in this case, makes an argument whose premise is in direct conflict with what we know to be the claimants values...The GOP calling for insane things to be taxed....then all this does is erode and often invalidate the credibility of the GOP.

They need to stop the BS...there is plenty of legitimate issues they can be honestly critical of without this kind of reaching which looks like pure propaganda and makes people want to stop listening to them.

I am a Democrat who is desperate to see a restructured GOP. We NEED a two party system (at the least) and the tactics (assuming the public is easily manipulated) that the GOP seems to have chosen are a continuation of the tactics that have failed them...Please...may the GOP return to the party of Lincoln or even Reagan.

[edit on 20-2-2009 by maybereal11]

reply to post by maybereal11

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Desperation? Like Red said, it's in the tax code! These are codes that were likely written by Democrats! So now you want the Republicans to just ignore what the law says because YOU don't think this is an important issue?

I submit that you don't want a bi-partisan government as you truly say, you want a liberal government with a yes-man Republican minority that barks when it's back is whipped.

Originally posted by maybereal11
My questions remain...If this is an issue and the Republicans want to make a case that this constitutes tax evasion...

I do believe that the confirmation committees are bi-partisan. As we have already seen, tax issues seem to be plaguing this administration's nominations.

Does a child living with his parents after the age of 16 who isn't paying his parents rent need to estimate what his rent would be and pay appropriate taxes?

Of course not, a 16 , 17 or 18 yr old CHILD is a dependent, even older if still a student or handicapped. Come on, you know better, you are throwing int the mix a false argument here. Don't build a strawman...

If there is an an exception for family...what does it extend to ...Can I stay with a cousin or uncle for a month or two without being liable for taxes on non existant transactions...estimated rent?

Would a month or 2 staying with them have cost over $12K if you had to pay all the bills they were paying on your behalf? If not, this is yet another strawman argument.

I once lived with a woman where I paid the mortgage and she covered the utility bills....must I now report her to the IRS for tax evasion and vice versa?

Why yes, report to the Ministry of Information Czar and do your duty by reporting on your fellow citizen

Be real - again, It would be her responsibility to report a Gift IF that gift equaled OVER $12K Last year. It could be argued by the IRS that the difference between the rent and utilities charges was a gift. And the codes in effect for the year that it occurred would apply.

If my wife and myself offer to take in her best friend and child who is a single mom who just lost her job...must I demand that we either charge them rent or let the IRS know what I estimate the rent to be and report them?

NO. It is the person RECEIVING the gift who has the responsibility to report it.

Otherwise...What the ef is the GOP spin machine talking about when it claims that this is tax evasion!!

Rahm Emmanuel lived there for FIVE YEARS without paying a single penny in rent. That is what they are talking about. He NEVER in those FIVE YEARS claimed the gift - FIVE Effing years of lying on his taxes. THAT IS WHAT THEY ARE TALKING ABOUT.

Edit to add: It's considered “imputed income” — non-financial gifts or compensation that should be reported to the IRS. Especially since the rent's fair market value was about $100K PER YEAR

But when it is done in a desperate fashion, and in this case, makes an argument whose premise is in direct conflict with what we know to be the claimants values...The GOP calling for insane things to be taxed....then all this does is erode and often invalidate the credibility of the GOP.

The House Ways and Means Committee writes the tax code, the IRS enforces it. There are more Democrats than Republicans on that committee So who exactly is calling for things to be taxed??? Get the facts before hand, it makes a rant much more effective.

Edit to add clarification

[edit on 2/20/09 by redhatty]

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