Another Presidential Conversation

Had a wonderful dinner last night with a couple of friends of ours. He's a very successful wealth management guy and she raises their children. They are a great couple, a lot of fun, and enjoyable conversationalists. They live full time over closer to DC, and head out here to their weekend home when they can.

As you might imagine, the market instability has my friend really in a state. I've not seen him so distracted (and so tired) in a long time. His wife is very understanding of his angst, and she's worried too.

So when she began last night her full-throated approval of Senator Obama's candidacy, I began to laugh out loud. Yep. Laugh. I said to her, "I've sat here very sympathetic to what the market downturn is doing to your family's income, now I realize my sympathy has been misplaced. You don't MIND having less money." She didn't seem to catch on, so then I laid into her with the news that when her guy is elected President, both primary sources of her family's income are going to be taxed at a higher rate. I can't say for sure, but I imagine he makes more than $250K in salary, and I also imagine he takes home a good bit more in bonuses, stock options and capital gains....all of which are going to be taxed heavier in a Barack Obama administration. So, I said, put the down market together with your new tax burden, and ya'll are going to have it even tougher.

He stood there nodding his head, another in the long line of guys working his butt off so that his wife can be liberally inclined.