Wealth Taxes Will Barely Slow Inequality. So Why Do the Super-Rich Resist Them?

"Zohran Mamdani's historic victory for the working class in the financial capital of the world is a reflection of the growing appeal of bold platforms that attack extreme inequality and oligarchy and move toward a more equitable and just society. Inequality, to be sure, is one of the biggest social problems facing many countries across the globe. The gap between haves and have-nots has grown to such extreme levels that it threatens social stability by undermining both democratic governance and economic sustainability."

"And how could it be otherwise when the richest 1 percent own more wealth than 95 percent of humanity? In the United States, a country with wealth disparities greater than all other major developed nations, the richest 1 percent holds approximately 31 percent of the nation's total wealth while the top 50 percent owns 98 percent of the total share of U.S. wealth. In the light of this deeply disturbing data, it is hardly surprising that there is a proliferation of voices calling for the implementation of measures to reduce economic inequality."

Extreme wealth concentration threatens social stability by undermining democratic governance and economic sustainability. The richest 1 percent globally own more wealth than 95 percent of humanity, and in the United States the top 1 percent holds about 31 percent of national wealth while the top 50 percent controls 98 percent. Rising inequality has spurred calls for redistributive measures and concrete policy proposals. Examples include France's Zucman tax discussions, the U.S. Billionaires Income Tax Act, a proposed 5 percent California wealth tax on billionaires, and an Illinois one‑time 4.95 percent levy on residents with paper assets over $1 billion.

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