Redistribute wealth? That’s what taxes do

I saw part of the last debate between Senators McCain and Obama.  I’ve read a number of articles and seen news stories on TV about “Joe the Plumber.”  And everyone is concerned about “redistributing the wealth” as if its some socialist (or, if this was the 50’s, communist) plot.

Taxes by their nature redistribute wealth, and their nature indicates who pays the most for their government.

President Bush’s government tilted taxes towards the poor and middle class by reducing taxes significantly on the wealthy.  This concentrates wealth in only a few hands, and that’s just bad for our economy; a few very rich people can’t spend money across the economy in the same way that the vast majority of citizens can.  Bush “redistributed the wealth,” so why didn’t everyone complain then?

And, who really has the most to loose if our government failed?  Poor people would still be poor, but rich people would see their wealth evaporate as their money became worth less and less on the open market (which isn’t open or free, which makes it impossible to properly apply free-market economic principles).

We need to re-achieve balance.


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One Comment

  1. Some data to support the concentration of wealth
    9:08 am on October 19th, 2008

    […] been writing about the concentration of wealth in the United States here and here for example; now the New York Times has provided a series of graphs on the US economy […]

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