libertarianism

Income Inequality: Part 5

Over the past few weeks, I’ve given three arguments for redistributing wealth to shrink the gap between the rich and the poor. First, I argued that societies that redistribute more are seen as less corrupt. Second, I argued that vast inequalities do significant harm to individuals. More unequal societies have more poverty, more spending on the military, higher infant mortality rates, more people in prison, more homicides, greater substance abuse, and lower life satisfaction. Third, I argued that if we follow the widely popular “Golden Rule,” then we’ll see that a rational, self-interested person ought to ensure opportunities for the disadvantaged instead of being concerned about the well-being of those at the top.

I’ve now reached the last, great bastion of fiscal conservatism: libertarianism. The guiding principle behind libertarianism is the noninterference principle: one should be able to do as they please so long as they are not interfering with others, and one should be free from interference by others. The noninterference principle applies to property: one should be able to do as they please with their property so long as they are not interfering with others, and one should be free from others taking their property. You can see how fiscal conservatism easily follows: individuals have the right to do whatever they want with their money, and redistribution violates this right.

Robert Nozick appropriately applies this fiscal conservativism to taxes: “Taxation of earnings from labor is on a par with forced labor…taking the earnings of n hours labor is like taking n hours from the person; it is like forcing the person to work n hours for another’s purpose” (Anarchy, State, and Utopia). Redistribution is akin to the harms of slavery. (more…)