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Michelle Obama Accepting Fashion Freebies
newsmax.com ^ | Feb. 23, 2009 | Ronald Kessler

Posted on 02/23/2009 1:57:28 PM PST by Free ThinkerNY

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.”

Aside from the tax implications, Obama is obligated to report the value of the clothes she has received free of charge on government forms mandated by the Ethics in Government Act.

The items Obama has either borrowed or received free have included a $17,313 pair of Loree Rodkin diamond earrings and clothes and gowns worth $1,000 to $6,000. In some cases, Michelle Obama’s representatives have said she will donate the items to the Smithsonian.

That makes no difference, Rampell says.

“If somebody gives her a dress and it’s worth $6,000, and she’s not expected to return it, then she has $6,000 worth of income, or she’s received a $6,000 gift,” he says.

(Excerpt) Read more at newsmax.com ...


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1 posted on 02/23/2009 1:57:28 PM PST by Free ThinkerNY
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To: Free ThinkerNY

And for the same thing, Palin was skewered.


2 posted on 02/23/2009 1:58:37 PM PST by ConservativeMind (Who is now in charge of the "Office of the President-Elect"?)
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To: Free ThinkerNY

Reading the headline reminded me of Nancy Reagan. They mentioned Nancy in the first sentence. No one in the MSM will speak a word about Michelle the Hateful taking freebies.


3 posted on 02/23/2009 1:59:32 PM PST by caver (Obama's first goals: allow more killing of innocents and allow the killers of innocents to go free.)
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To: Free ThinkerNY
DOUBLE STANDARDS
4 posted on 02/23/2009 2:00:14 PM PST by kassie (Have a blessed day fellow Freepers)
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To: ConservativeMind

No, Palin wasn’t committing tax fraud.


5 posted on 02/23/2009 2:00:16 PM PST by MeanWestTexan (Beware Obama's Reichstag fire.)
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To: Free ThinkerNY

Its OK when liberals do it. Duh.


6 posted on 02/23/2009 2:00:48 PM PST by Steely Tom (RKBA: last line of defense against vote fraud)
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To: ConservativeMind

You just don’t own the pen, that’s the problem. “They” do.

Just the Richardson scandal would be roiling the headlines for weeks...but they sure do love Sean Penn winning Best Actor for “Milk”. Oh, and they love to leave out he was a good friend of Jim Jones...oh, so was Feinstein, Brown, Willie Brown, Moscone, etc.

Shhh...the Lib media own the microphone and you are just a racist, homophobic hater.


7 posted on 02/23/2009 2:01:43 PM PST by wac3rd (In the end, we all are Conservative, some just need their lives jolted to realize that fact.)
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To: Free ThinkerNY

Who expects Mrs Jesus Christ to be treated like a mere mortal?


8 posted on 02/23/2009 2:02:05 PM PST by Bulldawg Fan (Victory is the last thing Murtha and his fellow Defeatists want.)
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To: Free ThinkerNY
Yet Michelle Obama has been doing the same thing — without any outcry from the media.

Asking these questions is racist.

You're not a racist, are you?

9 posted on 02/23/2009 2:02:11 PM PST by Old Sarge ("Remember, remember, the Fourth of November, the Socialist treason and plot...")
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To: ConservativeMind
Not the “same thing”.

Gov. Palin wasn't out shaking people down for freebies. Monies were spent by her or on her behalf towards a ‘lower 48’ wardrobe.

Conservatives pay for something and the media try to make it a scandal.

LibCommSocialists get freebies that they avoid taxes on, and nobody says a damn thing.

10 posted on 02/23/2009 2:03:22 PM PST by allmendream ("Wealth is EARNED not distributed, so how could it be redistributed?")
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To: Free ThinkerNY

Oh, c’mon. A convicted felon gave them a freakin’ house! And we’re supposed to get upset over this?


11 posted on 02/23/2009 2:03:33 PM PST by gridlock (BTW, Mods... It might be time to add "Barack" and "Obama" to spellcheck)
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To: Free ThinkerNY

You’ll never see Michelle 0bama get up and sing “Second Hand Clothes” like Nancy Reagan did.


12 posted on 02/23/2009 2:03:40 PM PST by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15)
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To: Free ThinkerNY

Rush was talking about Michelle looking like a sausage. Anyone have a photo?


13 posted on 02/23/2009 2:08:12 PM PST by Mercat (There will be a day)
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To: Free ThinkerNY
I was at the grocery today and saw Vogue with HRH Michelle on the front cover....not a nice picture I might add with accompanying headline

‘’The First Lady the World Has Been Waiting For”

HUH?......I disagreed

14 posted on 02/23/2009 2:08:29 PM PST by Kimmers (Working hard so Obamas friends don't have to)
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To: Free ThinkerNY

Uh, but, but...it’s different when a democrat does it. Democrats don’t pay taxes...


15 posted on 02/23/2009 2:10:13 PM PST by Marysecretary (.GOD IS STILL IN CONTROL)
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To: Free ThinkerNY

“without any outcry from the media.”....

Anyone expected outcry from the media for a libtard’s wife?


16 posted on 02/23/2009 2:12:13 PM PST by AngelesCrestHighway
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To: Mercat
This one?


17 posted on 02/23/2009 2:15:26 PM PST by Lizavetta
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To: Free ThinkerNY
Nothin' to see here,

Move along now.

18 posted on 02/23/2009 2:16:00 PM PST by mcmuffin
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To: GOP_Lady

Ping the fashion police!


19 posted on 02/23/2009 2:17:21 PM PST by Mamzelle (Boycott Peggy Swoonin')
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To: Lizavetta

He looks like the girl and she’s the man.


20 posted on 02/23/2009 2:19:42 PM PST by dandiegirl
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