Friday, June 19, 2015
On the Hard Left's Answer to Income Inequality
I'm still not entirely sure what it is. I mean, if it's taking money from the wealthy and redistributing it to the poor, that (at least theoretically) wouldn't alter it one iota in that a) the income statistics are almost always displayed on a pre-tax basis and b) transfer payments likewise are rarely included. Now, if these folks are willing to concede that that there is a deadweight cost to taxes and that they cause folks to want to earn less (why work more if the state is simply going to confiscate most of it?), yeah, maybe they'd be on to something here (though, yes, less earnings equals less revenue and a cat chasing its tail scenario).