Great piece by Hendrik Hertzberg on the “socialism” nonsense:

The Republican argument of the moment seems to be that the difference between capitalism and socialism corresponds to the difference between a top marginal income-tax rate of 35 per cent and a top marginal income-tax rate of 39.6 per cent. The latter is what it would be under Obama’s proposal, what it was under President Clinton, and, for that matter, what it will be after 2010 if President Bush’s tax cuts expire on schedule. Obama would use some of the added revenue to give a break to pretty much everybody who nets less than a quarter of a million dollars a year. The total tax burden on the private economy would be somewhat lighter than it is now—a bit of elementary Keynesianism that renders doubly untrue the Republican claim that Obama “will raise your taxes.”

On October 12th, in conversation with a voter forever to be known as Joe the Plumber, Obama gave one of his fullest summaries of his tax plan. After explaining how Joe could benefit from it, whether or not he achieves his dream of owning his own plumbing business, Obama added casually, “I think that when you spread the wealth around, it’s good for everybody.” McCain and Palin have been quoting this remark ever since, offering it as prima-facie evidence of Obama’s unsuitability for office. Of course, all taxes are redistributive, in that they redistribute private resources for public purposes. But the federal income tax is (downwardly) redistributive as a matter of principle: however slightly, it softens the inequalities that are inevitable in a market economy, and it reflects the belief that the wealthy have a proportionately greater stake in the material aspects of the social order and, therefore, should give that order proportionately more material support. McCain himself probably shares this belief, and there was a time when he was willing to say so. During the 2000 campaign, on MSNBC’s “Hardball,” a young woman asked him why her father, a doctor, should be “penalized” by being “in a huge tax bracket.” McCain replied that “wealthy people can afford more” and that “the very wealthy, because they can afford tax lawyers and all kinds of loopholes, really don’t pay nearly as much as you think they do.” The exchange continued:

YOUNG WOMAN: Are we getting closer and closer to, like, socialism and stuff?. . .

MCCAIN: Here’s what I really believe: That when you reach a certain level of comfort, there’s nothing wrong with paying somewhat more.