Ten years after the Occupy Wall Street movement focussed attention on some of the inequities and scams of twenty-first-century capitalism, Democrats on Capitol Hill are in a position to raise taxes on the members of the 0.01 per cent, who have benefitted enormously, not just from rising inequality and the financialization of the economy but also from the COVID-19 pandemic. Will the Democrats seize this opportunity? Will they force the very richest Americans—the likes of Jeff Bezos, Elon Musk, and Carl Icahn—to pay their fair share, or will they confirm the suspicion of many Occupy supporters that the Party, despite talking a good game, is ultimately in hock to the plutocracy?

The political context for a potential tax hike is that the Democrats need to raise a lot of money to help pay for a big spending package aimed at strengthening the social safety net and boosting green energy—which they intend to pass using the budget-reconciliation process….

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