The Dow has roughly doubled since January 2009. The middle class benefit somewhat from the gains, but it's the rich that benefit the most.
3) Tax rates on the rich are not way up
The rich have undoubtedly been subject to a fair amount of tax hikes recently.
Households with income above $250,000 will pay a 0.9% surtax for Medicare, plus an additional 3.8% on at least some of their investment income. Some of their deductions have also been reduced.
Households making above $400,000 ($450,000 if married) now pay a top income tax rate of 39.6%, up from 35% under Bush, but the same as during the Clinton years.
Those same high earners have to pay 20% on dividends and capital gains, up from 15%.
Meanwhile, the exemption on the federal estate tax stands at a generous $5 million per person.
But the rich crying class warfare need to think about what could have been if the far left had their way:
Nationalizing the banks: If that had happened, JP Morgan CEO Jamie Dimon would not have just gotten a $20 million payday.
Dividends taxed at ordinary income rates: That would have meant a rate of 39.6%, which would have hit wealthy investors much harder than the current structure.
Higher carried interest tax rates for private equity investors: This is the tax Schwarzman was worried about. Some fees paid to investment managers are taxed as investments, but many think their fees are just ordinary income and should be taxed at the much higher income rates.
The "Buffett Rule:"That would have ensured that millionaires paid a minimum of 30% of their taxable income to the federal government. Fact is, even with the increase in the top tax rate, most wealthy people pay an "effective rate" of far less.
One of the things the Super Rich complain about is the harsh language directed toward them. But while Obama referred to "fat cat" bankers on 60 minutes back in 2009, in general, "he dares not offend," as David Remnick wrote in the New Yorker last week.