Many blue staters like to characterize Republicans as the party of the rich and Democrats as the party of the downtrodden. Michael Barone notes that trustfunders my a huge margin vote Democrat, live in urban areas, etc.. I would add that in the last election the Democrats were the party of the billionaires including Kerry and his wife, George Soros, Warren Buffet, etc.
Barone characterizes these rich people as exerting power without responsibility. I think they are voting their self interest. In particular, they expect their future income to be a small fraction of their asset base and enjoy their status as having the largest asset bases around. As such they prefer that income rather than wealth be taxed heavily and largely Democrats are the party of higher taxes. They also prefer relative economic stagnation as that preserves their elite status and makes asset protection easier and that is what Democrat’s increased regulatory approach provides.
They have the same interest as the landed aristocracy of old and it is not surprising that they have converted the Democrats to a politics that looks very similar to the conservative politics of old. The Republicans are the party of classical liberalism. John Stuart Mill would understand our politics completely if he were alive today.