from a piece at the Plum Line
QUESTIONER: Are you happy seeing your suggestion, this new Buffett Rule, becoming more of a basis of a political battle that really has turned into class warfare?
BUFFETT: Actually, there’s been class warfare going on for the last 20 years, and my class has won. We’re the ones that have gotten our tax rates reduced dramatically.
If you look at the 400 highest taxpayers in the United States in 1992, the first year for figures, they averaged about $40 million of [income] per person. In the most recent year, they were $227 million per person — five for one. During that period, their taxes went down from 29 percent to 21 percent of income. So, if there’s class warfare, the rich class has won.
last paragraph of Sargent’s piece
Buffett agrees with Obama — if there’s been any class warfare in this country, it has been waged from the top down for decades, and the rich have won.
Yet some folks still refuse to understand why there are people protesting on Wall Street and in other cities across the country.