And the Mrs. gets involved too! They’re all a bunch of friggin’ tax cheats. It leads straight to the White House. I think this is probably truth. You decide.
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.”
