hypocritexposer
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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. “I’m sure that the company is deducting the cost of that dress — the cost of manufacturing, the design, the materials and all that other stuff. And then when she gives it away to the charity, then she gets a charitable contribution for it.”
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.