The presidential election is now well in our collective rear view mirror and the resulting Obama mandate still fuels ample conservative cries and fears over the prospect of wealth redistribution.
Ironically, the entire premise of societal redistribution of wealth is nothing new and, in fact, was prominent in validating capitalism during the industrial revolution.
President Teddy Roosevelt was a staunch proponent of an accelerated tax structure, where the wealthiest pay a higher percentage of their gross earnings towards tax to keep the economy churning.
More recently, President Reagan endorsed a revised version of the earned income tax credit (EITC) that Congress originally passed in 1975, which rewards the poorest of Americans a heady tax refund for failing to earn a certain amount of money throughout the previous tax year.
History has proven that wealth redistribution plays an important role in advancing the viability of free market structures of capitalism.
13 November, 2008
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