The Rich And The Super-Rich

Posted: October 15, 2008 in Economy, Politics

The Rich Support McCain, the Super-Rich Support Obama
wsj.com

In Richistan, I wrote about a new political divide emerging among the wealthy. While most Lower Richistani’s ($1 million to $10 million in net worth) were voting Republican, most Middle-and Upper Richistanis (those worth $10 million plus and $100 million plus) were voting Democrat.

Lower Richistanis tended to vote almost exclusively based on taxes. But Upper Richistanis placed a higher priority on longer-term societal issues like health care, the environment and education, which are traditional Democrat issues. Some say Upper Richistanis can afford to minimize taxes, since they have plenty of money even after the government takes its share. Others say the ultra-rich have better tax attorneys so they don’t care as much about tax rates.

Yet a new survey shows that the Richistan split is not only alive and well, but it may even be growing. (more…)

Read the rest.

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