Here’s a tax-related factoid about the presidential election that we haven’t seen reported elsewhere.
In this election, income tax rates were one of the main points of contention. President Obama wants higher tax rates for high-income individuals; Governor Romney proposed a 20% reduction in the top rate. Did states with higher per capita income favor Romney?
Not hardly. He won just 3 of the 20 states where individual income is highest – and these are states with tiny population (Wyoming, Alaska and North Dakota). The other 17 (including D.C.) go to Obama, providing more than 90% of the electoral college votes needed to win.
And the reverse is true at the other end of the income spectrum. Among the 17 states with lowest per capita income, Obama won just Michigan and New Mexico.
We don’t claim any particular significance to this correlation. When demographers sift the data they may determine that Romney prevailed among individuals with income above $100,000. It’s an odd result, though: high-income states voted for the candidate who favors higher taxes for high-income individuals.
When states (including D.C.) are ranked by percentage of college graduates, Obama won all of the top 15. What a snob!