O Bama, I do nuh kin yah hin me purse.
Cap charitable contribution deductibility at 20 million lifetime, and watch the Left start screaming.
How will 0bama survive without that extra income? 0bama’s 2014 Palm Springs and Key Largo golf outings alone, cost $2,952,278.
why should the little people need any more than that to live out the rest of their lives?
Now, can we the people please see Obama’s post presidency income as a “speaker” and “board member” and
“visiting professor of ruminology” capped at the same amount!!!
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.
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.
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.
Just like the income tax, which was supposed to never exceed 3% when it was passed.
This is just the camels nose under the tent to establish the precedent of setting a cap.
Once that control is in place, it will be used by leftists like every other economic control - to crush their bourgeois enemies of the middle class.
Lenin said that taxation and inflation were the millstones, between which he would grind the bourgeoisie.. Alinsky advised American radicals to pretend to be for the middle class, while destroying them.
Dictators want a subservient and dependent population, not a bunch of uppity independent types with their own opinions on things, and the resources to do something about it.
That is why the left is, and has long been, closing the doors for individuals to get ahead in life, and become independently wealthy. The common paths are being shut. Doctors are becoming virtual employees of the state under Obamacare, to become actual employees under the planned future single payer. Small businesses are being choked off by regulations (a third millstone which Lenin had not envisioned). College graduates are being saddled into debt slavery by artificially high tuition rates and a nationalized student loan operation. Obamacare includes provisions to seize life savings and family homes (recover costs) after late life medical expenses, to reduce middle class inheritance.
It is no accident or misguided mistake - it is the consistent long term strategy of the left.