Taxing the frugal to protect the wasteful is neither wise nor ultimately beneficial.
Literal
Waste-doing people [object-を] protect [purpose-ために] thrifty people [to-に] tax [object-を] levy [nominalizer-の] [topic-は], wise thing not [reason-し], in-the-end benefit-not [explanatory-のである].
A complex political opinion. ~し chains two negative assessments. 浪費する人 ('wasteful people') vs. 倹約する人 ('frugal people'). のである is the formal explanatory assertion. Dense written commentary register.