Are Tax Cuts Wealth Redistribution?
Yesterday video of President Barack Obama from 1998 surfaced wherein the man, before his political career, talked of his belief in wealth redistribution. “I believe in redistribution of wealth,” he said.
Today Democrats are in defense mode, and it’s kind of funny to watch. Especially this instance: “Isn’t tax breaks for the rich redistribution?” asked liberal commentator Alan Colmes on Fox News (via Gateway Pundit).
What’s scary about this is what it presumes. That wealth belongs to the government, and that tax cuts are somehow a subsidy. We see this in the arena of energy policy where environmental activists, trying to muddy the debate around green energy subsidies, accuse “big oil” of getting subsidies that are really just tax deductions of the sort offered to all manufacturers (and not as generous to boot).
Allowing an individual, or a business, to keep more of their own wealth is not redistribution. Seizing their wealth and giving it to others is wealth redistribution. We can argue about whether or not that’s good policy, but the facts are the facts.
And I’d argue further that, given the lop-sided nature of tax burdens in this country, we may not be able to grant any tax relief at all unless we are giving it to the “rich” or the top 50% or so of earners, because they pay almost all of the taxes.Tags: alan colmes, Taxes