Self-important, pompous; arrogant or egotistical.
It's only a matter of time before some highfalutin developer builds a huge hotel and ruins the scenery.
Pompous speech or writing.
Don't write so much highfalutin next time.
Possible an alteration of high-fluting. Another speculation connects the term with high-flighting/-flying. First appears c. 1839 in the Spirit of the Times.
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