Two big problems with this: First, Obama keeps conflating millionaires and billionaires, raising pictures in people’s minds of the latter while hammering the former. Second, many people who earn a million in a year don’t do so again for many years, and didn’t do so for many years before. They have simply had a good year, built upon their hard work before, and in expectation of which they will work in the future, or they’ve sold a business or asset. Obama’s wish to hit them hard during their one year of good luck while his crony capitalist friends are pulling in tens of millions year after year is dispicable.
Absolutely true.
We use to have income averaging to help with that.
But that’s long gone.
You work for years for something to finally pay off and then you get screwed in taxes as if you made that level of income every year.