Now this phrase is thrown about endlessly by the left, usually with the weasel word "fairer" in front of it. Now there are two key points about the use of this phrase, and the complete dishonesty behind it.
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1. It is a euphemism: Yes, what it really means is theft. The word "wealth" is used to imply abundance, a sense of "those who have more than enough", so it is a value judgment that some have more than enough (according to the person who said it, remember this isn't some moral guardian, it is just an opinion). Redistribution does not mean to let people give, or encourage people to give, it means "take". A more neutral way to describe this is "taking property to give to those deemed by me to be more deserving". Those who advocate redistribution of wealth are advocates of theft, given that taking property without permission is quite simply that. After all, if you went into the home of one of these people (or their bank account) without permission and decided to "redistribute" the wealth, they'd call it theft wouldn't they? However, when THEY or their friends do it, it's "ok".
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2. It is based on a false premise: You see the concept of "redistribution" implies that someone "distributed" wealth in the first place. It implies a central power did so, and also implies that it was not done so fairly. This is complete nonsense. By and large, (the exceptions are in kleptocracies and authoritarian states) property is not distributed. Nobody sits in a room and decided "how much wealth will x or y get today". Now before you say "hold on, my boss decides my pay", well yes - but your boss doesn't decide what property you own, just what you earn based on your labour - which you can remove, or augment through your own effort.
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The wealth you have is because you earned it through the application of your mind either through owning a business, your job or making a wise investment, or you received it as a gift, inheritance or gambling. Of course some may have wealth due to theft, or due to the state giving what has been taken from others, or due to the state skewing the market through regulation or protectionism. That is the state "distributing" wealth, or rather engaging in theft directly or indirectly.
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So next time a politician talks about a fairer "redistribution of wealth" ask him or her "who distributes wealth now?" and more importantly ask "don't you mean theft?". You see it is them wanting their hand in your wallet. You might respect them more if they simply said "I want to rob the majority of you so I can give that money to the minority", at least it would be honest.