Is income inequality actually bad?

Castro and Chavez, the 2 richest guys in their respective socialist countries when they were alive.
But you can’t take it with you can you boys?

 

One can seek to have equality under the law. This must always be a goal. Seeking equality of income however is just stupid. Why should people make nearly the same income if they have widely varying skill levels and contribute to society, the marketplace, the world, to greater or lesser degrees? 

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Why Small Government Reduces Income Inequality (And big government increases it)

Sadly this is counter intuitive in today’s American society. We have been told since childhood that government “evens things out” and helps reduce income inequality. We were all regaled with stories of the Great Depression, where big government’s patron saint FDR bestowed “relief” to those stricken by the downturn of the 1930s. We were too young to understand that these myths were being propagated by people who benefited from an expanded government, namely the teachers (unions). We were also too young to understand that government actually extended the Great Depression for reasons we won’t go into here.

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Okay Mr. President, you want to talk about “inequality”? Let’s talk about it.

I woke up this morning to Steve Liesman on CNBC explaining the theme of tonight’s State of the Union Address. You see, since 1980 middle class wages have gone up only 50% in inflation adjusted terms whereas for the top 1% of earners income has gone up by 210%. Something clearly must be done. How can such a disparity be? This is unfair. Can’t the government “solve” this?

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The Tragedy That is the Income Tax Celebrates its 100th Birthday

On February 3, 1913 Delaware ratified the 16th Amendment to the Constitution which created the income tax. It was a dark day for America yet some see it as a day to be celebrated, or ahem, “commemorated.” Professor Ajay K. Mehrotra at Indiana University is one of these people. In an essay in Bloomberg he explains to us that the income tax was not born from any effort  “radically” redistribute of wealth, but in fact from a high minded progressive effort more interested in “balanc(ing) fiscal duties and civic responsibilities.”

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