income redistribution

(redirected from Wealth redistribution)

income redistribution

a policy concerned with altering the pattern of the PERSONAL DISTRIBUTION OF INCOME in an economy, mainly with social rather than economic objectives in mind. The general aim of such a policy is to achieve a more equitable distribution of income as between the various sections of the community so as to ensure that everybody is provided with some minimum STANDARD OF LIVING. The transfer of income from one section of the community to another is achieved primarily by the use of a PROGRESSIVE TAXATION system and a variety of welfare provisions (subsidized housing, old age pensions, etc).

See ABILITY-TO-PAY PRINCIPLE OF TAXATION, REDISTRIBUTION-OF-INCOME PRINCIPLE OF TAXATION, WEALTH TAX.

References in periodicals archive ?
The concrete policies most modern socialists propose--high confiscatory taxes and aggressive wealth redistribution, free college, publicly provided universal health care (and, often, the abolition of private alternatives)--are far more likely to wreak devastation on the well-being of Americans than they are to finally achieve utopia.
Sarah Quinn shows that since the Westward expansion, the US government has used financial markets to manage America's complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution.
In the end the reader is still left with the unanswered questions of what is wealth, why wealth equality is desirable, and what is the relationship between the program of wealth redistribution and Christian social thought.
class="MsoNormalSmall enterprises play a very important wealth redistribution role in the economy.
But the fine pre-poll words are not expected to translate into wealth redistribution.
The UN goals, as this magazine has documented, include national and global wealth redistribution, government control over the economy, globalist indoctrination of all children, surrendering more sovereignty to global institutions, and much more.
Yet, it was not surprising that many of the global elites gathered at Davos avoided talking about the need for wealth redistribution, or the need to prevent tax evasion by the rich, despite the shocking Panama Papers scandal which had broken out just a couple of years ago.
But the strongest argument against tax amnesty is that it defeats the major role of public finance in income and wealth redistribution. The basic tenet of income taxation is to collect more from those who have greater ability to pay and redistribute them to the poor in the form of transfers or better and more public services.
On the socioeconomic front, inequalities can be curbed with policies that go beyond standard interventions, like wealth redistribution. It has been shown that people can be empowered with skills training and better health care, as well as with bargaining rights and appropriate regulation of labour contracts.
In the UK, the Labour Party was unable to wrest power from the squabbling, poorly led Tories, largely because it is itself divided on major issues such as Brexit and the desirable degree of wealth redistribution. Far away in Brazil, the Workers' Party lost the presidential election.
"The government does not have a targeted wealth redistribution policy, which, coupled with the pay cuts suffered over the past years has led to high levels of social and work-related insecurities, and is creating bubbles in the economy," said Stefanou.
There has been a kind of silent wealth redistribution under his watch.