Peter Schweizer, at National Review Online, argues, that while the Republican Party is often looked upon as the party of the rich, the very wealthy are more often democrats.
As U.S. News & World Report political reporter Michael Barone points out, John Kerry won only one county in the state of Idaho, but it was the county that included the super-rich enclave of Sun Valley. And he carried only one county in Wyoming, the one which included the super-rich community of Jackson Hole. Barone calls this part of the “trust-funder Left.”
So why are we seeing the emergence of liberal millionaires and billionaires?
Part of the answer may lie in the way much of this wealth was accumulated. Some of these individuals (Kerry, Dayton, Rockefeller, etc.) inherited their wealth and are thus less familiar with the rigors of the marketplace. Sure they have stock investments, but they haven’t spent time building a business or even holding down a demanding job in corporate America. Others, particularly in the high-tech sector and Hollywood, amassed their wealth quickly and faced fewer challenges in dealing with invasive government and regulations. They see wealth as something that happens quickly, not something that is build up over time. The Silicon Valley 30-year-old worth $200 million on a stock IPO after six years in the business is likely to have a different view of wealth accumulation than the industrialist who amassed a similar fortune over the course of a lifetime. A life of wealth seems more like a lottery, and less like the end result of hard work.
Ironically, Democrats, who talk about income inequality and plutocracy, are now the party of the super rich. The super rich have different priorities and concerns than other Americans. Taxes don’t bite as hard because they can hire accounts and lawyers to avoid or minimize them. They tend to be less religious and therefore less concerned with issues of faith. And they can embrace causes that will impact society and not really affect them… In short, a political party dominated by the super rich is going to have some issues knowing what concerns ordinary Americans.