Everyone who hangs out on right-leaning blogs should read this:
Obama's approval rating has plummeted by 24 percentage points among those with a household income that is less than $50k annually. He's dropped 13 points within the $50k to $100k bloc over the same period. And he's fallen 17 points within the $100k to $150k bloc.
What about those households with income exceeding $150k? Obama has merely declined 4 points, based upon Gallup polling from February-March 2009 (after Obama's honeymoon ended) to June-July 2010.
Obama has tested his upper class support more than any modern presidency. He's continuously pledged to oppose tax hikes on everyone but the wealthy. That pledge is at the center of the current debate over extending the Bush tax cuts. The healthcare overhaul will increase wealthy voters' tax burden. And financial reform was hardly celebrated by the investing class.
This is why The Wall Street Journal headlined a story last summer, "Democrats' New Worry: Their Own Rich Voters." But polls have continuously shown that Democrats have far more reason to worry about those who are anything but rich. This is partly because upper class Democrats are not voting on tax policy. If they were, they'd be Republicans.
. . .
That wealthiest bloc [$250K household income, top 3% of households] represented the largest marginal shift in support of any income bracket between 2004 and 2008. Obama won 52 percent of their support. George W. Bush won 63 percent of the bloc four years earlier, according to exit polls.
Yet households earning at least 150k offer a bigger picture of the affluent voter. This bloc constituted 12 percent of the 2008 electorate. It includes not only top earners but also those who can more-reasonably expect to be top earners someday. The larger sample size also offers a more accurate statistical measure.
Obama won this affluent bloc by a 50 to 48 percent margin. Bush won 60 percent of the bloc in 2004.
Democrats have become the party of the elites, of the value transferors.
Also, I don't understand why people oppose raising taxes on people with $250K household incomes when that class itself actually supports Obama. I say, let them get what they deserve!
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I just love this comment written by “jason” to a blog post at the WSJ Wealth blog:
As one of these “wealthy” dems, I can safely say with 1000% certaintly that I would certainly like to pay lower taxes. But even MORE than that I don’t want anti-abortion, anti-gay rights, nativist, anti-immigrant, anti-first amendment, global warming and evolution deniers who think Obama is a reverse racist anywhere near the white house. Its amazing that this editorial utterly ignored the sorts of social issues that so clearly make the most educated (who also happen to be the wealthiest) recoil at the thought of Presidents Palin or Gingrich. So I will take 39.6 taxes if it means people are free to be gay, atheist, and black. And if it means that laws are based on science, not religion.
I’m not saying that I agree or disagree with “Jason,” but I think this sentiment accurately reflects why a substantial percentage of rich people won’t vote Republican.