The Left-Wing Plan to Impose a 90% Global Income Tax to 'Save the Planet'

Global quasi-communism was always the real goal

Sadly, most of us will not be here to see 2100. And that means that we will not be around to witness the dream for that year, set out by the Global Justice Project last week, turn into reality. In just 75 years, the average citizen of the world will have a monthly income of €5,000 but work only a 19-hour week. Every child will have an education that’s worth €8,400 a year, and the health budget will be €14,400 per capita. Women will be completely equal to men. And climate change will have been stopped at 1.8°C – under the IPCC’s arbitrary 2°C threshold.

€5,000 a month (£51,800 or $69,270 per year) is more than I earn now, and I work all the time, so why would I be looking for the catch in this programme for sustainable global equality? Yes, I might be a climate sceptic who bangs on about ‘basic arithmetic’ all the bloody time, but I surely ought to be tempted by these numbers, both selfishly and selflessly.

The Global Justice Project (GJP) combines the work of 45 direct contributors and a further 200 researchers around the world, with the project based at the World Inequality Lab at the Paris School of Economics (PSE). The PSE itself and the GJP were co-founded by former adviser to then Labour Party leader Jeremy Corbyn, professor of socialist economics, Thomas Piketty. And as one might expect for a project directed by someone who believes that inequality is the cause of so many of the world’s problems and redistribution is its cure, the GJP’s vision is based around the creation of two global institutions: the Global Justice Fund and the World Sovereign Fund.

The Global Justice Fund will seemingly take over the current functioning of the UN and Bretton Woods organisations – the IMF and World Bank – which currently have less than 0.4% of global GDP at their disposal. By big contrast, the fund will reach an average of 10.3% of global GDP between now and 2060, and this is necessary to drive “climate investments”, which will “represent 3-4% of world GDP” per year. That’s nearly $5 trillion per year (greater than the nominal GDP of Japan) to spend on solar and wind farms and things of that kind. The World Sovereign Fund will be “an active portfolio of sustainable assets reaching 10% of the world capital stock (or equivalently, to 60% of the world GDP)”.