China’s economic rise has lifted hundreds of millions out of poverty but the wealth share held by the nation’s top 1% doubled from 15% to 30%. The result was higher profits and dividends, lower personal taxes and – for the richest – a higher share of national income. To its credit, Europe shows the way: if the world follows its path, global inequality will decline. The rich must share the burden of common challenges – not just sail away in their tax-haven-registered yachts. The mutinous mood among voters will only deepen when they begin paying carbon taxes, and the rich don’t even pay taxes.

Source: The Guardian December 17, 2017 19:07 UTC