[1]The Politico posts something today that offers no new insights, but is perhaps worth going over again [2]:
Barack Obama promised he would lower taxes for 95 percent of Americans and presumably raise them for the 5 percent who benefited most under President Bush’s tax policies. But, remarkably, the most affluent 5 percent supported Obama and that was perhaps the key to his victory last week.
This group — and the rise of a new elite class of voters — is at the heart of the fast-paced changes in demographics affecting the political, sociological and economic landscape of the country. While there has been some inflation over the past 12 years, the exit poll demographics show that the fastest growing group of voters in America has been those making over $100,000 a year in income. In 1996, only 9 percent of the electorate said their family income was that high. Last week it had grown to 26 percent — more than one in four voters. And those making over $75,000 are up to 15 percent from 9 percent. Put another way, more than 40 percent of those voting earned over $75,000, making this the highest-income electorate in history.
The poorest segment of the electorate, those making under $15,000, has shrunk from 11 percent to 6 percent over the past dozen years. And those making $15,000 to $30,000 annually — the working poor — also shrunk from 23 percent to 12 percent of the electorate.
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While Obama received record votes from the expanded minority communities, that alone would not have led to victory had he not also secured so much support among the growing professional class — and in doing so went beyond the successful 1996 coalition that also climbed the income ladder to include newly targeted soccer moms. Back then, President Clinton got 38 percent of the vote among those making over $100,000. This year Obama earned 49 percent of that vote. He also got 52 percent of a new polling category — those making over $200,000 a year who were no longer among the top 1 percent of earners, as they had been in past elections, but were now the top 6 per cent.
And for all the talk about the surging youth vote, those under 29 went from 17 percent in 1996 and 17 percent in 2004 to a mere to 18 percent of the electorate today — and that youth surge was heavily fueled by the fact that the minority communities are much younger than their white counterparts. Of the 18 percent under age 29 who voted this year, 11 percent were white and 7 percent were minority.
Well, look, there’s a history of richer voters doing this, and history shows why. When Ronald Reagan took office part of the argument was about confiscatory tax rates on the upper classes. This, Carter argued was ‘fair’. What they didn’t say was that under Carter, and indeed, under LBJ and his ‘great society’, and under Bill clinton as well…the only group that saw any real after tax income gains was the upper income groups. The middle class and lower income groupings, saw income decreases. In comes Reagan, who lowers cap gains taxes and ALL income groups see gains.
It’s not hard, based on that history then, to understand why the rich like Democrats.