Will someone please tell John McCain already that we have a system of redistribution of wealth right now? Income, property, and sales taxes are all a form of redistribution of wealth. It takes money away from those who are making money or have or purchase assets and distributes this money into infrastructure such as schools and roads, and into national defense. Having a robust infrastructure framework, along with providing jobs to those building it, allows people to build more wealth. For example, DARPA led to the internet which led to things like Amazon.com and you reading this post. When Colin Powell endorsed Obama, this existing system of redistribution was something to which he made reference. On an earlier post, a commenter stated that his endorsement was simply a matter of race. Based on Powell’s own statements made concerning his endorsement, I think this is not at all correct. In fact, not only Powell, but several Republicans have endorsed Obama, including Charles Fried, who earlier was supporting McCain.
If I was fortunate enough to be making over $250,000, I would not mind paying my fair share of taxes to maintain and enhance the infrastructure that gave me the tools to get to that level. As for businesses, Obama has some good ideas and, although perhaps not always in perfect agreement with the perspective of large business, does appear willing to work with them. and has surrounded himself with key pro-business advisers. That is all consistent with the pragmatic approach I’ve come to appreciate about Obama’s leadership. Some more talk about Obama and small business can be found here and here.
While we’re at it, could somebody please inform both McCain and Palin that socialism is a system in which the state controls and administers the means of production and distribution of goods. Although distribution of wealth is often part of it, socialism is not synonymous with increasing tax rates on the wealthy.
Update: As I slowly catch up on things, I noticed that nn identically named post appeared a while back at Cosmic Variance. A well written post with charts, video, and well thought out discussion. If you haven’t been there yet, I recommend checking it out.