Lifestyles of the rich and famous
Niles, Ohio — Warren Buffet wants the federal government to stop coddling the super-rich.
President Barack Obama wants to stop coddling the super-rich.
Rep. Paul Ryan of Wisconsin thinks it’s all just a case of class warfare.
Ryan’s right. There is class warfare.
The wealthy are winning the war.
In fact, the wealth of the average American and that of a wealthy individual are are growing further apart, according to stats from the Economic Policy Institute.
While a majority of Americans have seen their wealth decline during the past three decades, the top 4 percent of earners have seen significant increases.
As EPI puts it:
The richest 5 percent of households obtained roughly 82 percent of all the nation’s gains in wealth between 1983 and 2009. The bottom 60 percent of households actually had less wealth in 2009 than in 1983, meaning they did not participate at all in the growth of wealth over this period.
Remember this chart when Obama and the GOP begin — or continue — spewing their political rhetoric over Obama’s plan, which calls for tax increases for those with incomes of more than $1 million.
About 450,000 of 144 million tax filers, or 0.3 percent of America, could take a financial hit, according to the Obama administration, though the exact magnitude of the tax increase is still unknown.
About six times as many tax filers would have been subject to tax hikes had the Bush-era income tax cuts not been extended in late 2010.
But politics aside, ask yourself one question. Is the war on class becoming another war our country can’t afford?