Tax Fraud By Michelle Obama?

Hmm...interesting if true, but consider (both) sources - Newsmax via No Quarter.

For years, the press excoriated Nancy Reagan for borrowing clothes and jewelry from designers. Yet Michelle Obama has been doing the same thing — without any outcry from the media.

Accountants say that the first lady’s practice of borrowing both clothes and jewelry raises major tax and disclosure issues, not to mention ethical questions.

“The transactions are clearly taxable,” says Richard Rampell, a Palm Beach, Fla., accountant whose clients include several of the island’s billionaires. “The designers are indirectly paying Michelle Obama to go and display their wares. And they get a huge economic value for it, just as if they were paying a model to do this. If they are paying her in this indirect way by lending her their clothes, then she is actually performing a service for the designer, and she should have to recognize as income whatever the value is of the clothes that she got.”

Rules for thee, but not for me.
While some articles in the press have reported that the clothes or jewelry were given to her free of charge or lent to her, none has criticized Obama or compared her practices with Nancy Reagan’s. Instead, the articles have swooned over her fashion sense.

“All Hail the Leader of the Fashionable World” was the headline on a Jan. 21 Washington Post story. In the 14th paragraph the story mentioned that the diamond earrings had been lent to Obama. The story quoted Katie McCormick Lelyveld, the first lady’s press secretary, as saying she paid for her inauguration clothes. But a subsequent Feb. 12 New York Times story quoted the designers themselves as saying they did not charge the Obamas.

Heh. A lie here, a lie there, and pretty soon you're talking about the Obama Administration.

The Newsmax article is pretty lengthy and well-sourced, so read it all.

Posted by: Good Lt. at 11:59 AM

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