President Obama was bummed that the space shuttle flight got delayed from last week.
A short blurb on the news said that he was carting Malia and Natsha along with him, so they were bummed, too.
Quite understandable.
But, it aroused my curiosity re: Obama’s tax return. So, I took a peek.
His listing for wages and other W-2 items was $395,188.
At first blush, that sounds about right since the Presidential salary is usually reported to be around $400,000.
But …
From my biz days, I know that the IRS is finicky about “personal use of company aircraft” by execs who are traveling for personal reasons and for exec’s’ friends & family when they’re part of the posse.
Specifically, the IRS says: “Non-business use by an employee is generally considered a taxable fringe benefit. The value of the flight, or a portion thereof, must be included in the employee’s income. Whenever an employee’s guests (including family members of the employee) uses a company airplane, the flight is taxable to the employee.”
Hmmm.
In the biz world, the ‘imputed wages’ are usually the cost of a first class airline seat.
So, how come Obama doesn’t have his vacation trips with his family show up on his W-2?
Just wondering … a loophole, perchance?
P.S. It really irks me when he drags along his mother-in-law.
The Homa Files 
Leave a comment