Posted on 11/10/2008 12:32:39 PM PST by drzz
For several years, I've been writing about Bushenfreude, the phenomenon of angry yuppieswho've hugely benefited from President Bush's tax cutsfunding angry, populist Democratic campaigns. I've theorized that people who work in financial services and related fields have become so outraged and alienated by the incompetence, crass social conservatism, and repeated insults to the nation's intelligence, of the Bush-era Republican Party, that they're voting with their hearts and heads instead of their wallets.
Last week's election was perhaps Bushenfreude's grandest day. As the campaign entered its final weeks, Barack Obama, who pledged to unite the country, singled out one group of people for ridicule: those making more than $250,000. At his rallies, he would ask for a show of hands of those making less than one-quarter of $1 million per year. Then he'd look around, laugh, and note that those in the virtuous majority would get their taxes cut, while the rich among them would be hit with a tax increase. And yet the exit polls show, the richand yes, if you make $250,000 or more you're richwent for Obama by bigger margins than did the merely well-off. If the exit polls are to be believed, those making $200,000 or more (6 percent of the electorate) voted for Obama 52-46, while McCain won the merely well-off ($100,000 to $150,000 by a 51-48 margin and $150,000 to $200,000 by a 50-48 margin).
(Excerpt) Read more at newsweek.com ...
Do the very rich pay taxes? Ask Warren Buffet who reportedly receives $100,000 in salary and is leaving his estate to the Gates Foundation. He, at the same time, calls for higher taxes on the rich. Isn’t that precious?
I mean, Bushenfreude? Makes no sense whatsoever. "Bushenfreude" would be FReepers enjoying watching Gross get laid off by WaPo due to Newsweak incompetence.
Yea, gee, that'd be a shame...
I don't think so. Frankly, the people who should be most concerned about abortion being outlawed are not educated white professionals making $250,000+ year. That's not the demographic group that has the most abortions. And, even if abortion was outlawed, those people could afford to travel to Canada to obtain an abortion, if need be.
For people who fall into that category, abortion is mostly a hypothetical issue.
Why to the wealthy support liberal candidates?
Because they don’t want to help the poor they want the government to do it.
Most of W’s tax cuts didn’t work. And what good are they anyway if energy, food, and housing costs a lot more? Combine that with negative stock market returns over the last eight years, sub par earnings opportunities for most people, and they are more than willing to dump Republicans in exchange for slightly higher taxes.
Furthermore, people with a lot of wealth are also good at not paying much income tax, because there are a lot of tricks in the tax code, if you can afford a good tax lawyer or accountant, to reduce your taxable income on paper.
I guess this explains people like Warren Buffett. On paper he's pais $1.00 / year. Since the tax code punishes wage earners and doesn't tax you on "assets" guys like him have no problem voting socialist.
I think part of it was a desire to feel cool; perhaps a bit of boredom as well.
Obama was all packaged up and advertised on TV like the latest new ‘gotta have it’ consumer product.
Also, I tend to think some of them just don’t have the brains to use forethought.
Bingo. A guy like Warren Buffet is vey good at avoiding taxes. Guys like him set up incredibly complex tax arrangements. The IRS is reluctant to audit them because they know he can hire the legal big guns to beat them down in court (and that's assuming they can figure out how his tax arrangement works, which is not a given).
So, yeah, once you're wealthy and have a lot of assets, you don't really care about tax increases. But the situation is different for wage earners living in an expensive place like DC or NYC.
I got this email today from a business owner:
“Dear Fellow Business Owners,
As a Business owner who employs 30 people, I have resigned myself to the fact that Barack Obama, will be our next President, and that my Taxes and Fees, will go up in a BIG way.
To compensate for these increases, I figure, that the Customer, will have to see an increase in my prices to them of about 10%. I will also have to lay off 6 of my employees.
This really bothered me as I believe we are family here and didn’t know how to choose who will have to go. So, this is what I did. I strolled thru the parking lot and found 8 Obama bumper stickers on my employees’ cars. I have decided these folks will be the first to be laid off since they knowingly approved of these changes in tax law and the resulting consequences affecting our business and their jobs.
I can’t think of another fair way to approach this problem. If you have a better idea, let me know.
I’m sending this letter to all the Business owners that I know.”
I’m a small business owner, and I’ll probably have to do some cuts myself soon unfortuantely.
I'm here in the middle of the Silicon Valley, surrounded by these types, and I tell you: abortion isn't a hypothetical issue, it's a religious issue for them.
To be free to rip your pre-born offspring into shreds, or to pureé it into a milkshake to make life extending potions (i.e. embryonic stem cell research) is not just a right, it's a blessed sacrament.
Irony of ironies. Obama did not stop saying middle class. But McCain got their vote.
This article is trash. The Schadenfreude was on the part of the very rich financial types whose lifestyles will not be affected by more taxes. They spent four years in college hearing themselves sneered at as the “dominanat culture” holding down the poor people of color, women, gays and transexuals. Having made their money they now want inner peace.
Another irony. US wealth hates itself.
We make slightly more than 250000 and we are rich? We are supporting a son in college (NYU) and living in a 20 yr old house! Please!
Because really rich people have protected their money against tax increases and taxes in general, many can endorse Sen. Obama’s proposed increases with a smile, knowing that their accumulated wealth is beyond his reach. But would those fancy-dancing liberal millionaires be singing a different song if, instead of an income tax on actual working people, a “wealth tax” on accumulated fortunes were to be proposed? :)
The economy of just a short time ago (weeks), and at present, has people working in the corporate world that elsewhere would be unemployable, and they get paid well too. Say you are a middle manager in the “safety and health” organization, or maybe a manager on the “diversity council”, you are probably bringing down about 125k. Of course people that do these “jobs”, only do so because A) Lawsuit protection or B) They hired them, or were forced to hire them because of EEO rules and the company doesn’t want these individuals screwing up their product or general day to day business. So, if you can imagine the mindset of these people, you will see Obama voters. Of course they love other people that think like themselves so no stretch that two get together bashing Bush at Starbucks and next thing you know they are married and living in a McMansion. Combined income $250k, combined IQ, less than room temperature. And yes they are too dumb to realize that when 0bama taxes the hell out of corporations, and then said corporations need to tighten the corporate belt, the non-value added people (i.e. them) will have to go.
or CA.
It's Bush fatigue. They just got tired.
People are like that. Sometimes, they just want to roll the dice, ignore the consequences, and let things sort themselves out afterwards.
Westport was always a little artsy anyway.
If Bush had been a Texan who moved to Connecticut, rather than the opposite, Fairfield county might have felt different, but then again, maybe not.
garbage in newsweek out.
I wonder how many such magazines will be around in four years.
That's exactly what leftists want: for you to scale back your whole life to appease their envy. They want you in a smaller house with a smaller older car, to take fewer vacations, eat fewer steaks at restaurants and more tofu at home, etc.
Revenge would be to create even more wealth, enjoy life more, and rub their noses in it.
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