No Is Not Enough: Resisting Trump's Shock Politics and Winning the World We Need

by Naomi Klein

The key tools included: ending fossil fuel subsidies (worth about $775 billion globally); getting a fairer share of the financial sector’s massive earnings by imposing a transaction tax (which could raise $650 billion globally, according to the European Parliament); increasing royalties on fossil fuel extraction; raising income taxes on corporations and the wealthiest people (lots of room there—a one-percent billionaire’s tax alone could raise $45 billion globally, according to the United Nations); a progressive carbon tax (a $50 tax per metric ton of CO2 emitted in developed countries would raise an estimated $450 billion annually); and making cuts to military spending (if the military budgets of the top ten military spenders globally were cut by 25 percent, that would free up $325 billion, according to numbers reported by the Stockholm International Peace Research Institute). To our chagrin, we neglected to include a call to shut down tax havens, perhaps the greatest potential revenue source of all.