Spain and Brazil push global action to tax the super-rich and curb inequality

This is the wrong way to look at the issue.

The super-rich don't stay rich by just sitting on their money, they invest it.

These countries should focus on encouraging investment there - by getting rid of bureaucracy and red tape, make it possible to hire across the whole EU a lot easier, without needing separate tax registration in every country, etc.

Lower the barriers to entry wherever possible - no long application processes for developments with endless consultations, no arbitrary minority language or qualification requirements, etc.

Income inequality is a good thing, but there needs to be equal access to education and opportunities and the lowest barriers to entry possible.

Is this not the same trickle down mantra that has been pushed across developed countries for decades and has only widened the gap between rich and poor? In the US, where this line was pursued since the 80s, real wages for most Americans have stagnated while the top 20% have seen their wealth increase astronomically. Merely improving the regulatory and investment climate for a country does not magically benefit most citizens in a society -- thoughtful taxation is one to correct that.

The median American household has a >30% higher real income today than in 1985.

https://fred.stlouisfed.org/series/MEHOINUSA672N

Personal income is up more than 50%.

https://fred.stlouisfed.org/series/MEPAINUSA672N

And that doesn’t account for demographic changes: Households are smaller on average than 40 years ago and there’s been a significant surge in the foreign-born population, mostly from much poorer origins.

Further, while the inflation calculation includes some hedonic adjustments, it’s really hard to capture the aggregate of the thousands of diffuse lifestyle benefits of living in 2025 v. 1985. Personally, I’d miss burritos.

Sure, but a median house cost 3.5 years of (median) income in 1985, nowadays its 6. It sure is nice being able to afford tons of foreign-built electronic trash, but affording a home seems more relevant and important to me and by that metric things got worse.

Now we’re moving from broad income & wealth to a very specific good in housing.

Yes, housing supply should be much more abundant. The constraint on supply has not been the 1%, but government regulation through zoning and environmental restrictions.

This is belatedly being recognized and addressed in a shockingly bipartisan manner for now.

But also worth noting that the median home today is much larger and nicer than in 1985. Interest rates have (even today) been low enough—and incomes high enough—that ownership rates for these bigger, better homes are a few ticks higher than 40 years ago, as well.