Party of the rich

The Washington Times Weekly - - National -

“A leg­isla­tive pro­posal that was once on the fast track is sud­denly dead. The Se­nate will not con­sider a plan to ex­tract bil­lions in ex­tra taxes from megamil­lion­aire hedge­fund man­agers,” Michael Franc writes in the Fi­nan­cial Times.

“The de­ci­sion by Se­nate Ma­jor­ity Leader Harry Reid, the Ne­vada Demo­crat, sur­prised many Wash­ing­ton in­sid­ers, who saw the plan as ap­peal­ing to the spirit of class war­fare that in­fuses the Demo­cratic party. Lib­eral dis­ap­point­ment in Mr. Reid was pal­pa­ble at me­dia out­lets such as USA To­day, where an edi­to­rial chas­tised: ‘The Democrats, who con­trol Congress and claim to rep­re­sent the mid­dle and lower classes, ought to be em­bar­rassed.’

“Far from em­bar­rass­ing, this episode may re­flect a dawn­ing Demo­cratic aware­ness of whom they re­ally rep­re­sent. For the de­mo­graphic re­al­ity is that, in Amer­ica, the Demo­cratic party is the new ‘party of the rich.’ More and more Democrats rep­re­sent ar­eas with a high con­cen­tra­tion of wealthy house­holds. Us­ing In­ter­nal Rev­enue Ser­vice data, the Her­itage Foun­da­tion iden­ti­fied two cat­e­gories of tax­pay­ers — sin­gle fil­ers with in­comes of more than $100,000 and mar­ried fil­ers with in­comes of more than $200,000 — and com­bined them to dis­cern where the wealth­i­est Amer­i­cans live and who rep­re­sents them,” said Mr. Franc, vice pres­i­dent of gov­ern­ment re­la­tions for the Her­itage Foun­da­tion.

“Democrats now con­trol the ma­jor­ity of the na­tion’s wealth­i­est con­gres­sional ju­ris­dic­tions. More than half of the wealth­i­est house­holds are con­cen­trated in the 18 states where Democrats con­trol both Se­nate seats. [. . .] Nancy Pelosi, Demo­cratic leader of the House of Rep­re­sen­ta­tives, rep­re­sents one of Amer­ica’s wealth­i­est re­gions. Her San Fran­cisco dis­trict has more than 43,700 high-end house­holds. Fewer than 7,000 house­holds in the west­ern Ohio dis­trict of House Repub­li­can leader John Boehner en­joy this level of af­flu­ence.”

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