The Left has been talking a lot these days about income equality. I have no idea why. Even putting aside the fact that the Left's only plan to reduce inequality is to reduce the incomes of the prosperous, I see no virtue in income equality.
Furthermore, I see many serious problems with the concept, just two of which are disincentivization of risk-taking and of the assumption of responsibilities.
Fred Bauer discusses Yglesias on redistribution of "the wealth" (h/t, Riehl). One quote from Yglesias:
What if we had a 95 percent marginal tax rate on income over $10 million? What dire consequences would flow from this?
Besides the minor details of the loss of freedom and the confiscation of citizens' property (and the fact that people would quit buying those $200 million Powerball tix), what could possibly be wrong with it?
Ed. note: Many of the topics on wealth and poverty are discussed in Cassandra's fine post.