Posted on 02/02/2015 10:45:29 AM PST by abb
Good idea!
Yes, but more importantly, he is trying to undo everything that Kemp-Roth-Reagan did to empower a group of Americans that have been called by the likes of Larry Kudlow "The Investor Class".
You can see the Occupant of 1600 something or other truly reviles Reagan and everything he stood for in regards to American Exceptionalism, and getting Gov't the h@!! out of the individual and letting them find their own way and excel.
It is time something be done about this.
You probably have, O-dey, sell your house in Hawaii and Chicago and take your daughters out of private school. That’s make you a few million $$$ closer to us citizens paying your wages.
What a jerk.
The vast majority of Americans would never feel the cap.
The limitless Federal printing of unbacked paper money will eventually cause hyperinflation. When that happens, we will all become millionaires (or worse) and thereby subject to the cap.
Any kind of inflation will do the trick.
A 1984 dollar is worth $.44 in 2014. Assuming the same rate of inflation for the next 30 years, the $3 million has to grow to be $6.8 million to have the same purchasing power.
Another bad idea from the worst administration of my lifetime.
“We’ll have to accept this because we don’t have the votes. We’ll change it back once we’ve won the White House.” - Republican response.
This dude must have lost his damn mind.
Nope. This dude was re-elected. And he has no opposition.
Well, yes, there is that option, isn't there?
If they get it, they’ll pull some BS like with the AMT (Alternative Minimum Tax) and with Social Security taxation, where they “forget” to index it for inflation, or something similar.
0bama Budget:
D.O.A.
See Social Security taxation, too. That's not indexed for inflation, either. Another "unfortunate mistake" by our CONgressthieves...
Plus, Social Security taxation is not indexed to inflation, just like the AMT! (it's in the article)
Already happened. DW and I get taxed on 85% of our SS “benefit” now, and we are hardly in the upper 1%.
The original promise was that SS “benefits” would be non-taxable!
Love your effing government, because your government loves effing you!
In reality those of us with income over the limits you cite get multiple hammering.
My company gave me a good early retirement package @ the age of 56.
The catch was when you turned 62, they deducted that from your monthly pension.
I had good consulting gig and made any where from $500/1000 per week.
When I went on social security at age 62, our CPA told me to quit the consulting gig and work on preserving our IRA s.
My wife complained, and our CPA told her to get Homer bucket and once a month fill the bucket with 10 to 20 dollar bills and sit in the back of my pickup and toss the money out due to the taxes.
So I quit my consulting and the SS fund lost my double contributions as an independent contractor.
They have to go to where the money’s at. The meat is in the middle.
Soros wants to destroy the dollar, too—so that 3.4M would generate a poverty-level income stream
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