The $30 million toe in the water

A new report from the World Inequality Lab (WIL) proposes drastic tax reforms to fund climate and social programs, including a 90% global income tax on top earners and a 20% wealth tax.

The report, released Thursday, is billed as the first comprehensive plan to reconcile planetary habitability with high well-being for all.

French economist Thomas Piketty, a renowned inequality expert and co-director of WIL, said, 'The current international order is plutocratic. it is essential to move away from this plutocratic system to a new democratic order.'

Why 4,000 unsold units became the prize

The report highlights that global wealth inequality is extreme, with the top 10% controlling 75% of global wealth compared to just 2% held by the poorest half of humanity.

To address this, the authors propose a new progressive global income tax that would peak at 90% for individuals earning 5,000 times the average adult disposable income.

They also recommend taxing the wealth of millionaires and billionaires at rates up to 20%.

An echo of Sydney's 2024 intitutional buy-up

The report calls for electrifying energy demand wherever feasible, such as transitioning vehicle fleets, and switching to low-carbon fuels for steel and cement production.

Crucially, electricity generation itself must be decarbonized, moving away from fossil fuels.

The report also envisions a shift from overconsumption to a future of 'sufficiency,' which would entail shorter work hours for the global labor force, changes in land use, and other reforms.

Who is the unnamed buyer?

The report serves as a call to action for citizens and policymakers to rethink the foundations of the global economy and prioritize equity and sustainability over the concentration of wealth and power.

The authors conclude that a habitable, equal, and prosperous 21st century is materially possible.

They stress that technical impossibility is not the obstacle but rather the absence of a shared vision of social progress that is both concrete and radical.

What auditors flagged in the May filing

The report emphasizes that redressing inequality alone is not sufficient, and continued fossil fuel use and expansion are pushing the world toward climate catastrophe.

The report calls for a powerful citizen movement and a dense network of broad-based organizations, including labor unions, political parties, civic platforms , and other collective initiatives that are well-organized and effective at promoting institutional and policy change.

The authors conclude that a habitable, equal, and prosperous 21st century is materially possible.