How Many People That Make Over $250,000 A Year Voted For Obama?

reply to post by Crakeur


and in rereading your post

well, it's a level up for me I guess to actually believe my contribution makes a difference and address it from that vantage point

But I never thought of that, I guess if I was giving a Half a Mil away to the feds and, started to ask How is it being used... I might seriously get annoyed

so very good point, just one I guess I haven't addressed yet

Taxes always honestly have felt like...a waste of money because my contribution was negligible in terms of : real use individually to anyone

But when you pay enough, a Million lets say, I'm sure you must question what use it goes to a bit more.

I live in a wealthy area, and judging from the signs in the yards and my estimation of the values of the houses, I would speculate that those who are are working hard to pull in mid-six figures voted overwhelmingly for McCain, while those who probably already consider themselves comfortably set for life voted for Obama.

reply to post by deathhasnosound


Judging by your posts on ATS, I highly suspect we are all mooching off your fruit of labor

reply to post by mopusvindictus


I don't pay anywhere near that much in taxes and I think that, for the most part, my tax dollars were wasted. Here in NYC we pay 11% to the state and city and our mayor just eliminated the new class of police trainees. 1100 cops taken out of the system. Firemfighters are getting less money and school funding is being cut too. the two things that matter most to me, living here, are safety and education. My money will now be wasted.

Part of what I do is ensure that my clients keep as much of their hard earned money as possible. I like to think I do a rather good job of it. When it came down to it, the issue of a slight increase in some taxes (capital gains for example), was a small price to pay with the new administration. The way I see it, the global opinion of this nation just started the long slow climb back up to respectibility. If this translates into a stronger economy, a stronger dollar, well, the little increases here and there will be paid back when I can go back to places I stopped visiting as a result of my useless american money. If the way we're viewed overseas improves, it pays off.

There's one thing that will make the $100k-$250k earners regret electing Obama. The increase in the cap on social security paid. Those people who saw an increase in their paycheck once they maxed out on their social security payments will no longer see that and, come the summer or later, when that little income boost doesn't kick in, they'll feel it. Hopefully, the economic situation will be such that it will be accepted or not as noticeable.

I'm not so worried about the taxes as I am about the price of gas, food, utilities, insurance, etc..
I am around the 40k per year mark and Obama's little calculator thing says that I will pay $500 less per year which is dandy unless i'm paying three times that in the other cost of living areas that I believe his agenda will be pushing for.

Originally posted by gekko
Go to this The Guardian Interactive map and rollover the Rich section.

To me it looks like the better off states generally vote Obama.

Wow that flies directly in the face of Republicans being the "rich" party and Democrats being the "average" person. Very interesting!

The rich elite (and I mean really rich elite... aka trust fund types) vote Democrat because their status is totally unaffected.

1. Their wealth is inherited for the large part, so they have no income tax concerns.

2. Their wealth is stored in offshore havens like the Bahamas, Cayman islands etc.

3. They can use funds, trusts and other vehicles to use loopholes.


The rich folks who vote Republican are more likely to be businessmen and self-made millionaires. These people worked hard for their money and continue to do so. They hate the concept of having a larger portion of their income plundered to penalise their success.

Originally posted by 44soulslayer
1. Their wealth is inherited for the large part, so they have no income tax concerns.

On the contrary, the estate tax under bush was changed to favor the super rich. Obama wants to bring back the tax cuts Bush made here. So, for the super rich, Obama's plans to tax their money when they die is a bad thing. You think someone like Paris Hilton wants to lose half her inheritence to estate taxes (yup, the tax rate on estate taxes is roughly 55%).

Of course there are ways to avoid some of these taxes but, your comment above is misleading in that they will still have income tax issues and they will have more pressing issues with regards to the estate tax.

Originally posted by 44soulslayer
2. Their wealth is stored in offshore havens like the Bahamas, Cayman islands etc.

No, they don't do this. The reason people stash money offshore is to avoid the income. You do business with some foreign group and want to avoid paying taxes here so you go to the Caymans and set up a company there. The money you earn goes directly into that account. Taxes here are, technically, avoided.

Problem. How do you use the money?

If you bring it in, you need to report the income. If you use that money to pay bills it counts as income. After 9/11, many hedge fund managers and other such characters, who were skirting the laws with their offshore businesses, got nailed for paying amex bills and visa bills with that money.

Originally posted by 44soulslayer
3. They can use funds, trusts and other vehicles to use loopholes.

This is the only way to get around the estate taxes but, when it comes to income taxes, they still pay. Either the trusts pay the taxes or the individuals do. Trust tax rates are high on the federal level and Obama wants to increase the long term capital gains rate along with his increase in the personal brackets so these folks will wind up paying more via the trust or on their personal returns.

Originally posted by 44soulslayer
The rich elite (and I mean really rich elite... aka trust fund types) vote Democrat because their status is totally unaffected.

As you can see from above, they will get taxed more. Their estates will be taxed more under Obama. Their investments will pay more taxes under Obama and their income taxes will, likely, go up under Obama.

Originally posted by 44soulslayer
The rich folks who vote Republican are more likely to be businessmen and self-made millionaires. These people worked hard for their money and continue to do so. They hate the concept of having a larger portion of their income plundered to penalise their success.

Nobody likes paying more taxes. Nobody likes to have their money taken from them. The rich folks who vote republican do so for a variety of reasons. Some vote because of the ideals of the party, some because they know that their industry will get breaks or will, likely, prosper under their party. Of course, there are rich folks who vote democrat for the same reasons.

reply to post by Crakeur


Perhaps I was misinformed about the American situation.

In the UK it is certainly the case that the super-rich don't pay the labelled 40% top bracket income tax.

I believe the richest man (Laxmi Mittal), has non-domiciled status so is exempt from any income tax; he pays a token £30,000 a year to maintain this status.

At any rate, I think the distinction I was trying to bring across was that those with inherited wealth are much more likely to support democrat because they have never felt the true difficulty associated with gaining it. Whereas those who built their own empires and fortunes with little help from the government know the value of wealth, and know its value in their personal hands vs. in the government's coffers.

I do find it odd that the super-rich would support a government mandated increased in tax. If they really cared about improving their country via a monetary contribution, why don't they simply donate the money to charity? Why do they seek to enforce that others (no may not necessarily be inclined to "give" their money to the government for redistribution) are also brought into their plan?

reply to post by TheHunted


You have to understand that anyone who pulls down 250k on a w-2'd position is grossly uninformed.

I say that because the more you make, the more you need a business as a tax shelter. It doesn't pay to make 250k as a w-2 employee because you can't take the deductions you can as a business owner.

I've said this before, but I'll say it again.

My Business brings in roughly $2 Million a year. I employ 11 people on salaries of 80k or higher, and at the end of the year, my business only has to pay taxes on $150k... well below the $200k number

Why? Because I can deduct tons of stuff.

Say you are a motorcycle enthusiast. Well then, start a motorcycle business of some sort so you can write off your travel to Sturgess, and write off half of that new bike you just bought, and oh yeah, you need computers for your business and at this point you can't afford not to buy something like an iPhone.

While at Sturgess, do some research over dinner, and deduct half those meals.

Everynight I go out to eat with business associates... every night I deduct half of my meal. The more I pay for dinner, the better the deduction, that's why I don't even bother looking at the prices on the menu like I used to as a w-2 wage earner.

You see, if you live as a w-2 employee and make more than $150k a year then you are paying through the nose. But, if you own a business you can reduce your tax liability while at the same time increasing your lifestyle.



[edit on 6-11-2008 by HunkaHunka]

Originally posted by Anjin

I am around the 40k per year mark and Obama's little calculator thing says that I will pay $500 less per year which is dandy unless i'm paying three times that in the other cost of living areas that I believe his agenda will be pushing for.

One is a tangible absolute and the other is just speculation. I am not saying you are wrong....but what about innocent until proven guilty?

The cost of living has been increasing for a while now, no? And the increase of taxes were going to be raised regardless. Near a trillion dollars in the Bail Out that was passed, and an increase in Military spending...

I just hope the Obama Administration does what it can to help negate some of this.

[edit on 6-11-2008 by Lucid Lunacy]

Originally posted by TheHunted
I read a article today on a sports website that was talking about how agents for athletes may want the owners of professional teams to dish out larger signing bonuses to offset the higher tax bracket.

I'm a huge sports fan, but this statement has truly ruined the image of pro sports for me. This extends beyond greed, they have become just as bad as big oil.

Bottom line it seems like the more money people have the less they want to part with when it comes to helping others. Plus the only reason why they dontate money to charity is it benefits them when it comes to taxes.

Do you have a link to the article, or the publication it was printed in? Hearsay?

As a 'huge sports fan' I am sure you are aware that Sports Agents are always trying to figure out more ways to get bigger contracts. Do you really think that When George Bush got elected, and he changed Clinton's tax law, and sent out checks which the budget surplus, that Sports Agents suddenly asked owners for less money for their clients because the athletes wouldn't need to pay as much taxes under Bush than they did Clinton? Come on....

DocMoreau

reply to post by DocMoreau


sports.espn.go.com...

reply to post by deathhasnosound

Hey Mr Death Dood Thank you, for picking up my bills for me. I always wondered which one of the many idle rich on ATS was looking out for me. And the trailer park we live in is so much nicer than the old Packard than uncle Theotis gave us to live in down by the river. I would so much like to polish your Hummer for you if you'd like. I do so much love them 22" rims.
_javascript:icon('')

reply to post by hypervigilant


Hey.. How much do you charge for polishing the 20" on my Hummer? Is it a competitive rate?

Originally posted by deathhasnosound
do you mean
$250,000
or
$200,000
or
$150,000
or
$120,000
????????????????????

I just want to thank all you moochers that voted for obama, I hope you enjoy your $500 dollars that I am paying you and the healthcare that I am providing for you.

sleep well knowing that others are taking care of things you should take care of yourself!.
moochers

you are the one that should be thanking the american taxpayer, after having your tax burden shifted to the rest of us while you got the tax break.
i still remember ronald reagen raising my taxes by elimating the deduction for interest paid on credit cards and other loans. ronny raised more taxes on more people then anybody did in the last 50 years...

if you want to live in a tax free country, move to rwanda.

i'm watching out for my own self-interest, just like the wealthy do.

and you can thank bush and his republican buddies for running up the american credit card. payment is due, so it's time for you to pay up...maybe you can get some of that money back from haliburton who overcharged due to no-bid contracts and no oversite.
and if your saying you gave me 500 bucks, where is it? i expect a check in the mail from you. oh..that's right...your one of the rich folks...i'll never see the money, just like it always has been.

[edit on 9-11-2008 by jimmyx]

[edit on 9-11-2008 by jimmyx]

reply to post by HunkaHunka

Well actually I am a 100% disable combat veteran and am seldom able to leave my house except for medical appointments that are 150Miles from home. I have to have my 59 rear old wife polish the wheels on my little Honda.

Originally posted by hypervigilant
reply to post by HunkaHunka

 

Well actually I am a 100% disable combat veteran and am seldom able to leave my house except for medical appointments that are 150Miles from home. I have to have my 59 rear old wife polish the wheels on my little Honda.

you have a 59 "rear" old wife????? wow, now i do feel sorry for you

Originally posted by hypervigilant
reply to post by HunkaHunka

 

Well actually I am a 100% disable combat veteran and am seldom able to leave my house except for medical appointments that are 150Miles from home. I have to have my 59 rear old wife polish the wheels on my little Honda.

You sound "bitter" or is it just me?

Wouldn't you know it? I am a victim of really bad timing.

I worked two solid years without pay, and next year fully expect to earn well over $250,000, more if I am lucky. (Yeah, income averaging would be nice right now.)

Many people think I should have definitely voted for McCain. Yet I still voted for Obama.

You want to know why?

#

#1. Obama is not planning to take all my money, only increase taxes slightly on me. His proposed tax increase is not a big deal. If he were to take all of my money I would start to complain and fight back. But he is not proposing that. Nobody is proposing that.

#2. It is just money, the love of which is the root of all evil, and I firmly believe that tired but true aphorism. Money does not buy happiness. (Who among us would not pay anything – their entire fortune if necessary – just to bring back a loved one who has passed?)

#3. I like Obama, and believe he will be very good for society at large. I am willing to sacrifice a few dollars for that, given what I have experienced under our current leadership. Logic screams at me that this is not a time to be stingy or greedy, or love money too much. The economy is falling apart!

#

So there is one answer. Not a completely representative sample, but still worth considering.