Barack Obama and his life full of luxuries and expensive vacations will come to a screeching halt after Republicans bring bad news. Actually, the topic of former presidents and their expenses is quite old for Americans, but Barack Obama and his luxuries remain popular topic until today. However, the most interesting part of his story should probably be his huge fees for his speeches, appearances and social activism of every kind. He also makes investments and is financially very active, and he’s still using his benefits. Republicans don’t like that. Read more below:
Barack Obama was planning to use his annual $200,000 pension to take lavish vacations all over the world for the rest of his life. That’s why what President Donald Trump just did came as such bad news to him…
Concerned about the fact that our nation is $20 trillion in debt, Iowa Republican Sen. Joni Ernst has presented a bill that would lower former president’s pensions, and Trump is likely to sign it.
“Our national debt now exceeds $20 trillion; this bipartisan effort is another important step toward reining in Washington’s out-of-control spending,” Ernst said, according to Freedom Daily. “It is ridiculous to continue asking taxpayers to help foot the bill for former presidents’ perks at a time when they already rake in millions of dollars from book deals, speaking engagements, and more.”
Former presidents currently receive around $207,000 every year, but Ernst’s plan would cap stipends at $200,000 per year, adjusted each year for cost of living increases.
In addition, Ernst’s bill would push former presidents who find an additional stream of income slowly off the taxpayer’s support. For every dollar a former president makes above $400,000 from speaking engagements or other post-presidential work, the annuity would be reduced by $1 in Ernst’s bill. Earlier this year, Obama made around $400,000 in one speech to a Wall Street private equity firm.
What do you think about this? Do you think the bill’s going to pass? Well, the taxpayers really need every kind of tax ‘refreshment’ judging by the huge debt who was created by Obama in the first place. Now, we need to stabilize the economy and every financial injection is welcome. Please share this story on Facebook and Twitter if you support this bill.
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