Britain's super-rich are threatening to up sticks to avoid higher taxes, photo (public domain)

Britain’s super-rich are threatening to up sticks to avoid higher taxes, photo (public domain)   (Click to enlarge: opens in new window)

Richard Gingell, Wolverhampton and Black Country Socialist Party

In the most recent World Inequality Report, it has been discovered that the richest 10% now own more than 75% of global wealth and take 52% of all income. 2020 saw the steepest increase in billionaires’ share of wealth on record.

The report also makes mention of the “snowballing” effect of wealth accumulation and suggests measures to curtail such massive accumulation, including higher taxation. But the report does not explain how to overcome the bosses’ resistance to such policies, and the necessity to build a working-class movement to fight for them. Of course, it also stops short of explaining the need to end inherently unequal capitalism.