What would happen if we imposed a tax of 90% on the wealthiest in society?
Many mainstream voices will tell you “It’s madness” or “it can’t be done”.
But it has been done. And with great success.
Here’s how.......

The Wall Street Crash of 1929 devastated the economy and people’s lives. In 1933, in Toledo, Ohio 80% unemployment

This led to an exponential growth in worker militancy and industrial action. Workers grew more militant: In December 1936, the United Auto Workers strike at at General Motors in Flint, Michigan lasted for 44 days and spread to 150,000 autoworkers in 35 cities

Roosevelt promised to face the “dark realities of the moment” and “wage a war against the emergency” (as though) “we were invaded by a foreign foe.”
The forces of capital had to concede to Roosevelt’s New Deal coalition that dominated presidential elections into the 1960s

New Deal began slowly and with only limited reforms, which had no discernible effect either on the economy or the economic plight of working people. Then came war.

In his 1936 electoral campaign: Roosevelt took on the powerful.
“The forces of ‘organized money’ are unanimous in their hate for me – and I welcome their hatred.”
But his rhetoric wasn’t enough and by 1937, 8 million workers had joined unions

After the war, between 1944 - 1951 - the wealthiest in USA were taxed at 91%. This rose between 1952-1953 to 92% and in 1953 - 63 remained at 91%. This produced a consumer boom that raised living standards for all in USA for 50 yrs.

So what are the lessons for UK today? What might we achieve with the political will of the working class united and determined to build a better future for our children and young people?

In UK today the top 5 earners own assets averaging £16 billion each. So, what would happen if, we today, taxed the top 5 earners at less than that Roosevelt taxed the wealthy in the US in the 40’s and 50’s. Say, 90%?

If we took from each of the top 5 earners 90% of the £16 billion each of them own, they would still be left with £1600,000,000 – more than they could spend in a life time. But what would we do with it?

If we imposed the 90% tax on only the top 5 earners alone in UK this would bring £76 billion into the public purse. What if we chose to spend some of that money to build affordable, decent social housing for the 25,130 homeless families currently in UK?

Average cost of a house in UK is £245k. If cost to build was 70% of purchase price this, =£171k. This is based on average cost, actual cost is likely to be lower with the buying power of the state the cost is likely to be much lower still. But let’s assume £171k

To house every homeless family would cost £4.2bn, and would inject cash into economy.
So, what do we do with the remaining£72.8 bn?
Leave it with this guy?
Or use it for the good of us all?