Dinner with Barack, Date with the IRS

For $3, Barack Obama supporters can enter to win dinner with the 44th President, including the cost of airfare. But those "prizes" are still subject to taxation by the Internal Revenue Service, meaning the lucky Obama fan could still be on the hook for hundreds of dollars in taxes.

Legal Insurrection reports:

The Obama dinner contest rules break down the "retail value" of each prize at $1600 per package, if airfare is included, and $200 if it’s just dinner.

So, assuming you take Obama up on his offer to "cover" airfare, your taxes could be several hundred dollars, depending on your federal marginal tax rate and any state income taxes.

That $3 sure is expensive, and when Obama says he has you covered, he doesn’t.