Rates of around this level would require at least a doubling of today’s average tax rate of just 31% on the personal income of the highest earners across 100 countries, and a quadrupling of the rate on capital gains, which is currently only 18% on average across 123 countries.52 Marginal tax rates of 60% and above on personal income of the rich were the norm for large parts of the 20th century.53. [...] • In the last 10 years, billionaires have doubled their wealth, making nearly six times more than the increase in wealth seen by the bottom 50%.56 • For every $100 of wealth created in the last 10 years, $54.40 went to the top 1% and $0.70 went to the bottom 50%.57 • The top 1% have gained 74 times more wealth than the bottom 50% in the last 10 years.58 Most recently, the COVID-19 pandemic and ris. [...] These are the kinds of redistributive measures that are needed to curb the excessive wealth and power of the few, and to boost public spending to address the corrosive consequences of multiple crises for the many. [...] For example, in the US, the top marginal rate of federal income tax was 91% from 1951 to 1963, the top inheritance tax rate stood at 77% until 1975, and the corporate tax rate averaged just above 50% during the 1950s and 1960s.122 Even as recently as 1980, the top marginal income tax rate on the richest was 70% in the US (at the federal level) and 60% in the UK.123 Percent Percent 23 SURVIVAL OF T. [...] In Kenya, the new President, William Ruto, has revived the idea of wealth taxes to fix the budget.206 Similar debates are taking place in Canada,207 China,208 the Netherlands209 and Malaysia.210 Box 7: Billionaire media moguls protect the interests of the super-rich With wide popular support, why doesn’t a common-sense policy like taxing the rich move to the top of the political agenda? Unsurprisi.
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