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.What explains the difference?
More than three quarters of those worth $1 million to $10 million plan to vote for Sen. McCain. Only 15% plan to vote for Sen. Obama (the rest are undecided). Of those worth more than $30 million, two-thirds support Sen. Obama, while one third support Sen. McCain.
Among Lower Richistani’s, 88% cited tax policies as being “important” in making their decision. Only 11% cited the environment, 22% cited health care and 45% cited social issues.The merely rich are concerned mainly with accumulating more wealth and therefore see lower taxes as the most important issue. The really rich have so much money that they are no longer concerned about taxes and instead are focused on longer term issues about the health of the country. They are concerned about what the country will be like for their children and grandchildren and are therefore see social and environmental issues as the most important.
Among the Upper Richistani’s supporting Sen. Obama, tax policies ranked last, with only 16% citing them as important. “Social issues” ranked first, with “policies dealing with wars” ranking second (67%) and Supreme Court nominations and health-care issues ranking next.
Republicans treat campaign donations like investments, where they give $1,000 in the hopes of a $5,000 lower tax bill. Democrats treat it like a donation, where they give $1,000 because they believe the impact on social and environmental causes they care about with a change in government policies will be greater than donating $1,000 directly to a non-profit.
And it is not just the voters that break this way. The politicians do as well, as reported in Richistan:
Those politicians that spent more than $4 mil of their own money on campaign were Democrats 3 to 1. Those that spent more than $1 mil but less $4 mil, Republican 2 to 1.Put me in the very rich camp, well without the being really rich part. :)
via The Wealth Report