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wealth inequality
Esencia No Va: Protesting Neocolonial Capitalist Development in Puerto Rico
A movement is forming to defend the community and island against a project that would turn over a significant piece of Puerto Rico’s land to foreign billionaires, to serve their needs, not the needs of the Puerto Rican people.
Apr 08, 2026
On Saturday, March 28—No Kings Day in the US—an estimated 50,000 people marched in the streets of Old San Juan, Puerto Rico to protest plans for “Esencia,” a proposed huge, gated, luxury ocean-side development in Cabo Rojo, Puerto Rico. The protest was spear-headed by Defiende a Cabo Rojo, a coalition of community, scientific, and cultural organizations, and was joined by 66 co-sponsoring groups from all over the island. A retired US professor of (radical) economics, I attended the protest with my friend Dimaris Acosta-Mercado, an activist in the anti-Esencia movement and professor of ecology at the University of Puerto Rico-Mayaguez.
The $2.5 billion Esencia project, first proposed in May 2024, is a quintessential example of neocolonial capitalist development. It would create a tropical enclave for super-rich foreigners on 2,000 acres of land along a 3-mile stretch of beach in the southwest of the island, including 1,200 homes, 500 hotel accommodations, two golf courses, its own school, and an airport. Although it does not yet have building permits, the proposed project has already received generous tax credits and exemptions.
The Movement to Stop Esencia
The movement to stop Esencia views this issue in both class and territorial terms. Its goal is to defend the community and island against a project that would turn over a significant piece of Puerto Rico’s land to foreign billionaires, to serve their needs, not the needs of the Puerto Rican people. It builds on a history of successful struggles against previous development projects such as the Northern Corridor, mining in Adjuntas, and beachside construction in Rincon.
One of the movement’s core critiques of Esencia is the loss of public access to the beaches, which has happened with previous developments such as Dorado Beach and Palmas del Mar. Bad Bunny’s song, “What Happened to Hawaii,” has become a theme song for the movement, with its powerful chorus:
Thеy want to take my river and my beach too
They want my neighborhood and grandma to leave
No, don't let go of the flag nor forget the lelolai
'Cause I don't want them to do to you what happened to Hawaii
A second set of criticisms of the project focus on its negative ecological and environmental impact. As part of a team of academic researchers involved in the movement, my friend Dimaris’ critique focuses on the harm Esencia will do to endangered species, including birds, reptiles, snails, and plants that exist only in Puerto Rico, and to the critical habitat system that supports them. Other movement researchers predict that Esencia will cause shortages in the region’s water, already in short supply. A third critique emphasizes the area’s importance as an archaeological site.
The March Against Esencia: A Celebration of Life and Love
The march began at El Escambron, another public beach threatened with privatization. From there we marched along the coast of Old San Juan, stopping to rally at the Capitol Building, where the Puerto Rican Senate and House of Representatives meet, and then marched to the Governor’s mansion, La Fortaleza, for more protesting.
It is hard to capture in words the powerful anti-Esencia presence and statement that the march created. At the front of the protest were huge flags of Puerto Rico and Cabo Rojo. Soon after came a large paper mache model of a guabairo, a rare bird endangered by the project, carried overhead for the length of the protest, wings flapping. Marchers carried and wore a variety of printed and homemade posters denouncing the proposed project. Percussion—including drums, folding fans, kitchen pots, guiros—was omnipresent. The call and response chant of “Esencia No Va… Que No Va, Que No Va” (Esencia is a no-go, it shouldn’t go, it shouldn’t go) echoed throughout the march. Continual rhythmic chanting, drumming, singing, and dancing made the protest come alive as a potent force opposing the project. As a North American, I was touched to join in the familiar “El Pueblo Unido Jamas Sera Vencido” chant and to sing “No Nos Pararon” (“they won’t stop us”) to the tune of “We shall not be moved.”
If we in the US and elsewhere are to use social strikes to retake control of our governments... we have much to learn from the joyful, creative protests of our Puerto Rican comrades.
Puerto Rican peoples are a mixture of African, Indigenous, and European heritage, and, as Dimaris put it, “It’s as if all our ancestry (was) coming alive and making peace in this land to protect it.” Indigenous heritage took center stage when the march stopped in front of the Capitol building, with the blowing of conch shells, chanting, calling in the directions, and leading an areito dance. And Afro-Puerto Rican ancestry was omni-present in the bombas and drumming.
One group wore purple T-shirts announcing “anti-patriarchal, feminista, lesbiana, trans, Caribena, Latinoamericana.” Another T-shirt depicted a plant and the words “sembrando rebeldias” (planting rebellions). Gay protesters snapped fans for percussion (one of their signature acts). The Puerto Rico Sierra Club was there, along with Para la Naturaleza, and AFSCME, and many other groups.
The protest had something I hadn’t experienced in the many many US demonstrations I have participated in since the 1960s: It was fun! It was actually a party, with masses of people dancing, drumming, chanting, singing, and reveling in the streets. It was a celebration of life—not only of Puerto Rico and being Puerto Rican, but also of standing up for Mother Earth, an affirmation of love, cooperation, art, and beauty by a diverse community organizing in self-defense and defense of nature, against the greed, displacement, ecological destruction, and extreme wealth inequality that Esencia embodies. Dimaris later told me that the protest resembled the spirit of Verano 2019, the 15-day protest strike which used creativity, art, and fun to topple Gov. “Ricky” Rosello, including evening dance parties in front of the governor’s mansion. If we in the US and elsewhere are to use social strikes to retake control of our governments, as Jeremy Brecher suggests, we have much to learn from the joyful, creative protests of our Puerto Rican comrades.
A final note. The Solidarity Economy movement uses the motto, “Resist and Build.” Movements such as the one opposing Esencia, which resist the take-over of our lands and lives, are key. Equally important are a growing number of efforts to build non-capitalist, community-based alternatives, which are sprouting up all around the world, such as Casa Pueblo and Plenitud in Puerto Rico, or, in the US, land development projects such as those of the Peoples’ Network for Land and Liberation.
In these dark times, here’s to inspiring one another as we resist and build, and to having fun as we do so! Esencia No Va!!!!!!
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‘A System Rigged’: Untaxed Wealth of Richest 0.1% Is More Than Assets of World’s Poorest Half
A decade after the Panama Papers, the global rich are still hiding more than $2.8 trillion in tax havens. Just a fraction of that money could end extreme hunger and provide clean water to everyone on Earth.
Apr 02, 2026
The richest 0.1% of people on Earth are hiding more than $2.8 trillion in offshore accounts to avoid taxes. That money alone is more wealth than is owned by the entire bottom half of humanity, more than 4.1 billion people.
These findings were published in a report released Thursday by Oxfam International on the 10th anniversary of the 2016 Panama Papers, which provided an unprecedented look at how the world's most powerful capitalists, financiers, political leaders, celebrities, and criminals exploited offshore tax havens to stash their money.
"Ten years on, the superrich are still sequestering oceans of wealth in offshore vaults,” said Christian Hallum, Oxfam International’s tax lead.
The percentage of untaxed wealth in offshore accounts has dropped in the past 10 years, in large part due to global reforms like the adoption of the Organization for Economic Cooperation and Development's Automatic Exchange of Information framework (AEOI), which allows revenue authorities around the world to easily share information and crack down on cheats.
However, many nations in the Global South are excluded from this system, even though they need the tax revenue the most.
Oxfam found that a staggering $3.5 trillion, more than 3.2% of the global gross domestic product, still remains in untaxed accounts. That's more than the entire GDP of France and is more than twice the combined wealth of the world's 44 poorest nations.
And while the percentage of untaxed wealth is shrinking, that doesn't mean inequality has shrunk.
On the contrary, the December 2025 "World Inequality Report" found that the richest 0.001% of humanity—fewer than 60,000 multimillionaires and billionaires—now have three times as much wealth as the poorest half of the world’s population combined.
Inequality has surged around the world in part due to taxation policies and pandemic recovery packages that overwhelmingly favor the rich. The most glaring was adopted in the world's financial hub, the United States, last year.
The megabudget passed by Republicans and signed into law by President Donald Trump handed a $1 trillion tax cut to America's wealthiest 1% while slashing more than $1 trillion in spending from Medicaid, food assistance, and other safety net programs. It has been described by some economists as the largest upward transfer of wealth in US history.
While the global top 0.1% holds about 80% of untaxed offshore wealth, an even smaller group of uber-wealthy individuals does most of the cheating. The world's richest 0.01%, who hold at least $50 million apiece, control about half of all money in global tax shelters—$1.7 trillion.
According to the Tax Justice Network's Corporate Tax Haven Index, Caribbean islands under UK ownership, including the British Virgin Islands, the Cayman Islands, and Bermuda, are among the worst offenders. Other notable tax havens include Switzerland, Singapore, Hong Kong, Ireland, and the Netherlands.
A February Oxfam report on Elon Musk, who is well on his way to becoming the world's first trillionaire, found that his company, Tesla—which managed to pay zero dollars on its $2.3 billion income in 2024—has not published a country-by-country report on its taxes and that it has subsidiaries in many countries considered to be tax havens.
Big Pharma companies, including AbbVie and Merck, also used tax shelters to lower their total tax expense in 2025 by more than $1 billion, according to a report released earlier this month by the Financial Accountability & Corporate Transparency Coalition.
"This isn’t just about clever accounting—it’s about power and impunity," Hallum said. "When millionaires and billionaires stash trillions of dollars in offshore tax havens, they place themselves above the obligations that bind the rest of society."
"The consequences are as predictable as they are devastating," he continued. "We see our public hospitals and schools starved of funds, our social fabric shredded by rising inequality, and ordinary people forced to shoulder the costs of a system rigged to enrich a tiny few.”
Even a fraction of the money currently stashed away by the world's wealthiest could alleviate untold amounts of suffering.
In November, the United Nations' World Food Program estimated that extreme hunger, which currently affects more than 318 million people around the world, could be eradicated by 2030 with investments of about $93 billion per year, but that global hunger programs instead remain “slow, fragmented, and underfunded."
According to a 2021 UN Educational, Scientific, and Cultural Organization (UNESCO) report, investments of around $114 billion per year would similarly be enough to ensure that everyone on Earth has access to safe drinking water and sanitation.
Oxfam called on governments around the world to increase coordination to prevent the wealthy from hiding their riches from tax authorities. It also urged them to adopt more aggressive policies to tax the 1%'s wealth at home, including taxes on income and on extreme wealth.
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'Let Me Clear Things Up': Bernie Sanders Explains Wealth Tax to Wall Street Overlord Jamie Dimon
“If my 5% wealth tax on billionaires was enacted, you’d owe $135 million more in taxes, and a family of four making $150,000 or less would receive a $12,000 payment. Oh, and you’d still be worth more than $2.5 billion."
Mar 31, 2026
As billionaires nationwide rally to stop tax increases on the wealthy, US Sen. Bernie Sanders stepped in to "clear things up" for one of Wall Street's top power brokers after he railed against the proposal.
Following in the footsteps of California, where a popular ballot initiative to impose a one-time 5% tax on the state's 200 billionaires has gained steam, Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.) introduced their own federal proposal earlier this month to tax those with net worths of more than $1 billion 5% of their annual household wealth.
The proposal is projected to raise $4.4 trillion over the next decade to provide direct payments to lower-income Americans, reverse Republicans' cuts to Medicaid and Affordable Care Act spending, expand Medicare, and build millions of affordable housing units, among many other expenditures.
Jamie Dimon, the CEO of JPMorgan Chase, who is worth about $2.8 billion according to Forbes, appeared on Fox News on Tuesday and was asked by anchor Brian Kilmeade about Sanders' frequent accusations that billionaires "don't pay their fair share" in taxes.
"I don't know what he means by fair share," Dimon said. "I've listened to that my whole life, and I don't know what he means."
The two did not address the facts that may have led Sanders to draw such a conclusion. For instance, the senator often notes that fewer than 1,000 billionaires own more wealth than the bottom half of the US, around 175 million people.
Those billionaires also manage to pay a lower effective tax rate than the average American by wielding loopholes that allow them to exempt large chunks of their fortunes.
Sanders took to social media to respond to Dimon's incredulity about his idea of "fairness."
"Ok, Jamie: Let me clear things up for you," the senator wrote. "If my 5% wealth tax on billionaires was enacted, you’d owe $135 million more in taxes, and a family of four making $150,000 or less would receive a $12,000 payment."
"Oh, and you’d still be worth more than $2.5 billion," Sanders added. "Seems pretty fair to me."
Dimon's remarks came as billionaires are in a full-blown panic over the proposal for a one-time 5% tax in California, which is projected to raise about $100 billion, mostly to cover the Medicaid funding shortfall caused by the massive cuts in last year's GOP budget law.
A poll earlier this month showed that the measure, which will be put to voters in November, has about 2-1 approval, despite a more than $80 million effort by the state's elite—most notably Google co-founders Sergey Brin and Larry Page—to stop it in its tracks.
Dimon himself is not known to have contributed to the effort. But during his Tuesday appearance on Fox, he echoed one of the movement's oft-used talking points: that raising taxes on the rich leads to an "exodus" of wealth from financial hubs like New York and California.
As Forbes senior contributor Teresa Ghilarducci explained late last year, "Decades of economic research show that billionaire 'flight' is rare, exaggerated, and often confused with tax avoidance through accounting maneuvers rather than physical relocation."
Christopher Marquis and Nick Romeo similarly said last month in a piece for TIME that “despite multiple debunkings, the ‘millionaire exodus’ panic remains a popular narrative,” even though it is “frequently based on biased or sloppy arguments where anecdote replaces systematic evidence, correlation poses as causation, and every modest redistributive proposal is framed as an existential threat to prosperity.”
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