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	<title>Matthew Yglesias &#187; Elitism</title>
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		<title>Rothschilds Against Elitism</title>
		<link>http://yglesias.thinkprogress.org/archives/2008/09/rothschilds_against_elitism.php</link>
		<comments>http://yglesias.thinkprogress.org/archives/2008/09/rothschilds_against_elitism.php#comments</comments>
		<pubDate>Wed, 17 Sep 2008 13:06:23 +0000</pubDate>
		<dc:creator>myglesias</dc:creator>
				<category><![CDATA[uncat]]></category>
		<category><![CDATA[Elitism]]></category>
		<category><![CDATA[Irony]]></category>

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		<description><![CDATA[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&#8217;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 [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://politicalticker.blogs.cnn.com/2008/09/16/prominent-clinton-backer-and-dnc-member-to-endorse-mccain/">Irony truly is dead</a> as Lynn Forester de Rothschild endorses John McCain on anti-elitism grounds:</p>
<blockquote><p>“This is a hard decision for me personally because frankly I don&#8217;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.”</p></blockquote>
<p>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&#8217;s tax proposals don&#8217;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&#8217;t raise all that much net revenue is that he&#8217;s offering large tax cuts to the majority of people and those offset the substantial tax hike he&#8217;s proposing on the rich. Justin Wolfers <a href="http://freakonomics.blogs.nytimes.com/2008/09/16/competing-tax-plans-two-perspectives/#more-3083">has a good chart</a> on this:</p>
<p><center><img src="http://yglesias.thinkprogress.org/wp-content/uploads/2008/09/mctax2_1.jpg" alt="mctax2_1.jpg" /></center>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 <em>huge</em>. These facts haven&#8217;t gotten much play, but if you&#8217;re making over $600,000 a year and <em>especially</em> if you&#8217;re making over $2.8 million a year you have an extremely strong incentive to back McCain.</p>
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