Is Wealth Redistribution A Good Thing?

Quote from oldtime:

yeah, I think they went through this whole deal in the Soviet Union, and it didn't work out too well. As a matter of fact the whole thing became a complete failure.

But then again, some poor guy that wasn't born in the right family with a connection to the Czar got to eat (if he stood in line long enough.)
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nobody in america starves.
 
Is Wealth Redistribution A Good Thing?

Define wealth.

Oprah, Gates, Buffett, Bloomberg, Ford, Rockefellar. These people all finance virtuos projects (resdistribute their wealth).

Is Joe sixpack wealthy?

NY state is back on track to finance spinal cord research with a $ 25 surcharge on speeding tickets. Is this how we want to distribute wealth?
 
The new French President is going to tax earnings in excess of E1m per year at 75%.
Boo hoo - the rich will still be rich but not so stinking rich.

Don't feel too sorry for them, they will have top accountants to avoid it I expect.

Don't reckon it will catch on in the USA. The masses are fully under control there, fed on dreams and peanuts.
 
I copied this from Bloomberg.

Republican President Dwight Eisenhower’s idea of a significant marginal rate cut was to push the top rate down to 91 percent from 92 percent. Corporate taxes hit 50 percent. Jobs proliferated, wages rose, and the economy prospered. Lately, several documentaries have tried to capture the period, including “Something Ventured,” about how the technology boom got its start.
 
Quote from Humpy:

The new French President is going to tax earnings in excess of E1m per year at 75%.
Boo hoo - the rich will still be rich but not so stinking rich.

Don't feel too sorry for them, they will have top accountants to avoid it I expect.

Don't reckon it will catch on in the USA. The masses are fully under control there, fed on dreams and peanuts.
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When tax rates reach those levels, the rich simply relocate. In the '70s many of the rich and famous left the UK due to high tax rates.
 
Quote from hoodooman:

I copied this from Bloomberg.

Republican President Dwight Eisenhower’s idea of a significant marginal rate cut was to push the top rate down to 91 percent from 92 percent. Corporate taxes hit 50 percent. Jobs proliferated, wages rose, and the economy prospered. Lately, several documentaries have tried to capture the period, including “Something Ventured,” about how the technology boom got its start.
More...

What are buying/financing that justfies the high tax rates? Weren't we paying off war debt?
 
Quote from justrading:

When tax rates reach those levels, the rich simply relocate. In the '70s many of the rich and famous left the UK due to high tax rates.
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Monaco is stuffed with tax dodgers from all around the world. Including the Russian Mafia. If you like those sort of people then set up home there.

You hear about all those billions being printed, but not a penny of it ever seems to come my way. It's trousered higher up the food chain I suppose.
 
Quote from zdreg:

nobody in america starves.
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yes my friend, I'm not that knowledgable about pre revolution Russia, but I am under the impression that starving peasants were just the cost of doing business, same thing in Feudal England.

Eventually, it is bad business to let your workers starve to death, they found that out in China.

My original question was, is wealth redistribution a good thing, or is it better to just let the market work things out?

If they left it up to me, everybody in America, including Warren Buffet would get Food Stamps. For crying out loud, we can play the game hardcore capitalistic, but everybody gets food.
 
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