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The Guardian view on global inequality: extreme wealth threatens democracy | Editorial

The Guardian view on global inequality: extreme wealth threatens democracy | Editorial

New York mayor Zohran Mamdani shows Britain’s Andy Burnham that confronting billionaires need not mean the end of cooperation with Donald TrumpIn November, will vote on a one-off 5% levy on residents worth more than $1bn. The union-backed plan could raise $100bn, more than enough to replace federal healthcare funding stripped away by . About 200 very rich people would pay. But the referendum is becoming a test of whether extreme wealth can buy the political power to a popular redistributive policy. Google co-founder Sergey Brin has already spent $100m backing opposition to the tax – a fraction of the $13bn bill he could face. Other are joining him. Whether voters can impose costs on the super-rich once their fortunes are big enough to shape the political process is now an open question. That alone should trouble any democracy.It’s a long way from Mr Brin’s west coast lair of to Andy Burnham’s Makerfield constituency. But the prime minister should heed the call from prominent progressive academics – led by the Nobel prize winner – urging Britain to join a new global push to tackle inequality. Prof Stiglitz wants help creating a new UN International Panel on Inequality (IPI). This stems from the G20’s , which warned that the yawning gap between rich and poor was a human-made crisis corroding democracy and social cohesion while blocking efforts to tackle the climate emergency.

17h ago