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November 6th, 2008

Voting to Increase Their Own Taxes

http://blogs.wsj.com/wealth/2008/11/05/why-the-wealthy-voted-for-obama/

Robert Frank notes that 52% of those making over $200K voted for Obama and speculates about why. Perhaps they care more about the overall agenda (health care, getting out of Iraq, etc.). Perhaps they don't think Obama will really tax them. Maybe they, like Biden, think paying taxes is patriotic.

I bring this up for the usual reason: to poke at it, and contribute my own opinion.

People making more than $200K may have gotten a lot of wealth in the course of the Bush expansion (such as it was). But they're watching it disappear at a precipitous rate as a result of those same policies that enabled them to lay hands on it in the first place. They'll be poor soon -- and it's a lot less painful being poor with a Democrat in the White House than a Republican.

Also, people making so much money that they won't be poor no matter what happens (dunno what _they've_ invested in -- any ideas?) presumably recognize that having a lot of anything (dollars, yen, donuts, diamonds) doesn't do you any good if no one out there has the wherewithal to trade with you. Oh, and also, there's the whole guillotine problem.