It's an obvious story, you here all of the time. The richer are getting richer. The Observer reports
"An alarming projection produced by the House of Commons library suggests that if trends seen since the 2008 financial crash were to continue, then the top 1% will hold 64% of the world’s wealth by 2030. Even taking the financial crash into account, and measuring their assets over a longer period, they would still hold more than half of all wealth.
Since 2008, the wealth of the richest 1% has been growing at an average of 6% a year – much faster than the 3% growth in wealth of the remaining 99% of the world’s population. Should that continue, the top 1% would hold wealth equating to $305tn (£216.5tn) – up from $140tn today."
The biggest question is what is the endgame of this wealth. You have endless media speculation about what do, but the reality, what do you?
The real problem is that globalism (which is good in a lot of ways) also has terrible side effects. Like any medicine, medicine brings relief to problems, but also can have terrible side effects. Globalization allows better access to goods at lower prices and is supposed to ease barriers to trade. It allows nations to maximize economies of efficiencies and competitive advantages.
The side effect is that allow capitalism to transcend national borders and creates massive new opportunities for investment wealth to chase. Since the working class has very little capital to chase, the access to these new markets is cut off, and the wealthy see a radical upsurge in the rate of return. Over time, it creates new capital and the new capital grows exponentially while those with limited capital become left behind in the dust. It creates the people with an outsized level of capital to transcend nations and invest vast amounts of capital and extract resources from themselves without benefit the people who resources were obtained from the capital.
Also, the wealthy can take their capital and hide it from the taxing authorities because other places want that capitial to be stored there because it generate wealth for the local economy because the wealth is managed and being stored in financial authorties.
A possible answer is that countries need to create a joint taxation authority and create allocation models that allow taxing autorties to tax wealth that originates and stored in multiple entities and then reallocate to national governments on agreed-upon funding formula. One nation attempt to tax the wealth of stateless wealth is not going to work unless the power to collect taxes is ceded over to the joint taxation authority. The joint taxation authority has the ability to tax all sorts of income from the corporation and wealthy individuals and has also the national authority to collect taxes from off-shore money. The rates for the taxation depending on what type of income is generated and what the capital is being invested. The riskier the investment and the more harm that the investment capital creates, the higher rate of effective taxes. For example, taxes on extraction industries and financial speculation would be among the highest while capital used to invest in clean energy and low-priced drugs would be taxed the least.
I know all of this bunch of BS that will never happen in our hyper-nationalist MAGA country but sometimes Americans need to understand that there is certain powers and actors that too large to be handled by one single entity and also do not have jurdistication to make the correct solutions to remedy the problems. After you rightsized the wealth down a manageable level and eliminate the power of tax haven, the joint taxing authorities should be eliminated for the purposes of national soverignity.
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