Many variants of philosophical libertarianism posit an ethical theory that includes the following beliefs.
First, some form of the non-aggression principle, which says that all actions are morally justified except those that cause active harm to the negative rights of other non-consenting individuals. It is justifiable, however, to engage in aggression to correct for a previous violation of someone’s negative rights.
Second, that property rights are important because of moral desert. Many people, like Taylor Swift, Serena Williams, and Jeff Bezos, earned their wealth by creating value for other people—whether through great music, entertaining sports play, or convenient online shopping. Thus, it is morally dubious that, for example, the state has the right to take away a significant chunk of this rightfully earned wealth and redistribute it, even if said redistribution is desirable in utilitarian terms. This includes inheritance, because it represents a choice made by someone who deserves the wealth.
However, I’m not convinced that most wealthy individuals morally deserve their wealth—not because they themselves did anything wrong, but because it often comes from previous violations of property rights. Lots of wealthy families profited out of conditions created by things like colonialism and slavery. The descendants of these families were born into relative social privilege, often, that enabled their current success (to the extent that many of them are successful). They aren’t culpable for colonialism and slavery, or for the wrong actions of their ancestors, to be sure. But the libertarian standard values inheritance—and the people today who would have otherwise inherited this wealth are now often the most unprivileged and disenfranchised.
Thus, it occurs to me that the non-aggression principle would allow for the radical redistribution of private property as it would be correcting a previous violation of the non-aggression principle—it would be morally equivalent to enforcing current property rights, at least in a rough and imperfect way. But this imperfect conclusion, from a libertarian perspective, seems more moral than not engaging in redistribution.
I do not endorse radical redistribution of property, and I’m far closer on the political spectrum to libertarians than to socialists, but it seems that libertarians who believe in the NAP should get their story straight when discussing issues such as taxes and moral desert. I’m sure there are compelling objections to this that I haven’t thought of—but food for thought.