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Rothschilds Against Elitism

By Matthew Yglesias  

"Rothschilds Against Elitism"

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Irony truly is dead as Lynn Forester de Rothschild endorses John McCain on anti-elitism grounds:

“This is a hard decision for me personally because frankly I don’t like him,” she said of Obama in an interview with CNN’s Joe Johns. “I feel like he is an elitist. I feel like he has not given me reason to trust him.”

On an unrelated note, the stakes have rarely been higher in an election for extremely rich people than they are in this one. Barack Obama’s tax proposals don’t raise a ton of new net revenue and, as a consequence, have tended to be viewed as pretty moderate. But one reason they don’t raise all that much net revenue is that he’s offering large tax cuts to the majority of people and those offset the substantial tax hike he’s proposing on the rich. Justin Wolfers has a good chart on this:

mctax2_1.jpg
The difference for middle class taxpayers here is real, but for people making above the national median income (which is to say most people who are working full-time) it tends to be a pretty small difference. But for people earning below the national median the gap is a lot bigger and for extremely high earners the gap is huge. These facts haven’t gotten much play, but if you’re making over $600,000 a year and especially if you’re making over $2.8 million a year you have an extremely strong incentive to back McCain.

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