I find it interesting that the Republicans are bantering around the “s” word with respect to Mr. Obama’s tax platform…referring to it as income redistribution. Look at the following graph….then let’s discuss income redistribution!
If you want to see tax-based income redistribution, I suggest you look at the Bush Administration tax policy over the past eight years.
I’d also throw in the recent bailout package and Treasury measures.
It appears socialism is good with the Republicans if it benefits the wealthy…but bad if it benefits a broad base of American households.
From Teddy Roosevelt (by way of Phipps):
We grudge no man a fortune in civil life if it is honorably obtained and well used. It is not even enough that it should have been gained without doing damage to the community. We should permit it to be gained only so long as the gaining represents benefit to the community. … The really big fortune, the swollen fortune, by the mere fact of its size, acquires qualities which differentiate it in kind as well as in degree from what is possessed by men of relatively small means. Therefore, I believe in a graduated income tax on big fortunes, and … a graduated inheritance tax on big fortunes, properly safeguarded against evasion, and increasing rapidly in amount with the size of the estate.