Socialism? I Don’t Think So

October 30, 2008

The Earned Income Tax Credit is a refundable tax credit that gives money to low income workers.  It is paid for by the taxes paid by higher income earners.  Under John McCain’s definition of such things, it’s socialism.  The EITC was enacted in 1975 under Republican President Gerald Ford and vastly expanded by Ronald Reagan in 1986.  So under John McCain’s definition of such things, Ford and Reagan were socialists.

Our entire system of taxation — the progressive income tax — is based on the notion that those who make the most pay more proportionally than do those at the bottom of the income scale.  This idea was first put forward by Adam Smith in The Wealth of Nations.  He wrote, “It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.” Under John McCain’s definition of such things, Adam Smith, the father of modern capitalism, was a socialist.  The Sixteenth Amendment to the Constitution, which established the federal income tax, had no greater champion than Theodore Roosevelt, John McCain’s political hero.  Under McCain’s definition of such things, Teddy Roosevelt was a socialist.

McCain’s desperation is understandable at this stage of the campaign, and nothing Sarah Palin does can surprise me anymore.  But their demagoguery on this issue is disgusting.

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4 Responses to “Socialism? I Don’t Think So”

  1. Graham said

    “But their demagoguery on this issue is disgusting.”

    “demagoguery”?

    What!

    They can read minds?

    8-()

    (With apologies to Derek Zoolander and Hansel)

  2. davidbcoe said

    Demagoguery — “the use of popular prejudices, and false claims and promises in order to gain power.” Don’t you Aussies know anything about the English language….?

  3. Brian said

    good post.

    McCain is almost finished demagoguing.

  4. davidbcoe said

    I hope you’re right, Brian. Thanks for the post.

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