The elite become physically different from birth: physically, mentally, perhaps even morally superior.
But if they're really smarter and morally superior, they'll be happy to pay to 'uplift' everyone else too. No really, humor me for a moment...
It's difficult to imagine the true implications of genetic engineering, but I think it goes far beyond making yourself taller or smarter. We're talking about throwing vertical evolution out the window in favor of horizontal evolution. Want someone's genes? Previously, the only way you could get them (and only for your descendants, not yourself) was to mate with that person. But suddenly you can get them for yourself and your descendants, just by making a copy.
And that changes everything.
Because the only reason people compete along class lines and try to keep wealth "in the family" in the first place is that we're genetically programmed to do so. Why? Because people who invested in their families were more successful at passing on their genes.
But wait, with genetic engineering, suddenly the best way to pass on your genes is simply to have good genes that people want to copy.
In other words, once genes are just data, like ideas or, to borrow a Dawkins phrase, "memes", the Darwinian War of The Genes is over. Which means the only important game left in town is the War of Ideas.
And the already weakened ideas of racism and classicism, having no basis outside the War of The Genes - will be among the first casualties in the new War of Ideas.