The question about who the rich vote for is a serious one as we head for the “fiscal cliff” next year. The Republican Party has been defending the “top 2% of income groups” that Obama wants to exclude from the extension of current income tax rates. The argument is that this group, with incomes above $200,000 for individuals and above $250,000 per year for couples, includes small business owners who create most of the jobs in this country. This is probably true and the small business owners are a reliably Republican group of voters. What about the really rich ? The group whose taxes Obama wants to raise is really mostly the upper middle class. The inflation of the 1970s, and the coming inflation which will be the only result of Obama’s “budgets,” changes the income levels that determine the middle class.
Recently, there has been some discussion of the voting patterns of the “rich” and whether the Republicans are really defending Republican voters and what are the voting patterns of the rich. Bill Kristol recently wrote that the Republicans may be courting disaster by risking a trip over the fiscal cliff defending people who are not Republican voters. Data on this last election is still thin but there are a few bits of information available.