Absolutely not! I'm actually a little apalled that the majority of the answers on this list seem to be "yes". I agree with those who said that if there's any gift giving to be done, it goes the other way around (superiors giving to subordinates out of recognition of a job well done that year). In fact, if you work in government you're legally prohibited from giving your superior a gift over $5 in value, unless it's a retirement/departure gift. Particularly if your office doesn't give bonuses, a small gift from superior to subordinate can be a nice way to show you care. One year, a boss gave me a Kindle gift card, and I was touched because on our business trips I would always be reading on my Kindle and I guess he paid attention. One thing I do do for my bosses every year is write them a "thank you" holiday card. I try to put a lot of thought into it and use that, rather than a gift, to express gratitude for mentorship and leadership throughout the year. To cut down on embarassment, I usually leave them on on their desk the night that I leave for my holidays.
My family watches White Christmas every. single. Christmas. And every single year, at the part in which Bing Crosby tells Danny Kaye that the Marilyn Monroe look-a-like with the Norma Cassidy voice that Danny is trying to get him a date is a hoe (in the nicest, most Bing-like way ever), and Danny says, "All right, so she didn't go to college, she didn't go to Smith!" My parents turn to me, their Smith graduate daughter and say, in unison, "SMITH!" and crack up. Every year. Every year. God bless them. Then we watch "It's a Wonderful Life", and we all cry. Then my Dad and I watch James Bond. Just to get the crying out of our system.