The article addresses the critical issue of whether democracy can effectively manage the challenges posed by capitalist structures, particularly in the face of rising economic inequality and concentrated wealth. It identifies recent attempts to undermine multilateral cooperation in tax matters as part of a larger global agenda that seeks to replace democratic governance with the autocratic rule of the super-rich, describing this as '21st-century Caesarism'. The author argues that addressing extreme wealth taxation is essential for preserving democratic systems against this backdrop of autocratic trends.

Fortunately, there have been steps taken in favor of progressive taxation that could mitigate these issues. The African Union has been a proponent of a UN framework agreement on international tax cooperation, while countries like Colombia, Brazil, Spain, and Tunisia have implemented progressive tax reforms. Furthermore, strong public support in France for a two percent tax on ultra-wealthy individuals and a California legislative initiative proposing a one-time five percent net worth tax on billionaires illustrate growing momentum for fiscal policies aimed at wealth redistribution. These initiatives signify a craving for a more equitable tax regime amid rising discontent over wealth disparities.

Nevertheless, the concept of tax justice remains a divisive topic. During recent OECD/G20 Inclusive Framework meetings, over 145 countries reached an agreement on necessary reforms, but the ongoing struggle for equitable tax policies continues to ignite heated debates. This article highlights the need for sustainable strategies challenging the dominance of extreme wealth, underscoring that a concerted approach to taxing the wealthy is fundamental for ensuring the continued viability of democracies worldwide.