Home > American Racket. Debt Deregulation, Bubbles, Bailouts and GoldplatedLies > CLASS WARFARE by WARREN BUFFETT & HOW MUCH DO THE SUPER RICH HAVE.

CLASS WARFARE by WARREN BUFFETT & HOW MUCH DO THE SUPER RICH HAVE.

The problem isn’t the national debt it is that the wealthy have too much money. Their relentless greed has caused them to try to destroy  the middle class way of life across the globe. Most of the media is controlled by a small number of hands and they use it to spread fear and propaganda.

The solution isn’t in cutting services for those in need, selling off our national assets and reducing wages. We must realize that yes this is class warfare and it’s been going on for thirty years. Don’t believe me guess who just said this;

“While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term

“To further demonstrate how the mega-wealthy have seized control of our political process, consider that the richest 400 Americans paid 30 percent of their income in taxes in 1995, but they now pay only 18 percent.

In fact, 1,470 Americans earned over $1 million in 2009 and didn’t pay any taxes.

The average tax rate for millionaires was 22.4 percent in 2009, down from 30.4 percent in 1995. The average millionaire saves $136,000 a year due to reduced tax rates.

Looking at the tax rate from a long-term perspective, the amount of money the richest people and most profitable corporations pay in taxes has fallen dramatically since 1955. Corporate tax accounted for 27.3 percent of federal revenue in 1955. In 2010, corporate tax accounted for only 8.9 percent of federal revenue. Corporate taxes accounted for 4.3 percent of overall GDP in 1955, in 2010 they accounted for only 1.3 percent.”

Warren Buffett in the New York Times, to read his entire post click here.

His solution is to of course raise taxes on people just like him. Now if that story doesn’t convince you here’s another interesting post on the same subject which starts w/ another quote from chairman Warren;

“There’s class warfare, all right, but it’s my class,
the rich class, that’s making war, and we’re winning.”
– Warren Buffett, Chairman and CEO of Berkshire Hathaway

How Much Wealth Do The Economic Elite Have?
Amped Status via Alternet  By David DeGraw
“While 68.3 million Americans struggle to get enough food to eat and wages are declining for 90 percent of the population, US millionaire household wealth has reached an unprecedented level. According to an extensive study by auditing and financial advisory firm Deloitte, US millionaire households now have $38.6 trillion in wealth. On top of the $38.6 trillion this study reveals, they have an estimated $6.3 trillion hidden in offshore accounts.

In total, US millionaire households have at least $45.9 trillion in wealth, the majority of this wealth is held within the upper one-tenth of one percent of the population”

To read his entire post click here.

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