10 Steps to Break Up the Wealth of the Super Rich
Continued from previous page
For several generations after the introduction of a federal income tax at the end of the nineteenth century, our progressive federal tax system was moderately effective in reducing concentrations of wealth. As we briefly described, during the 1950s wealthy individuals paid significantly more taxes than they do today. Since 1980, however, we’ve lived through a great tax shift as lawmakers moved tax obligations off the wealthy and onto low- and middle-income taxpayers, off corporations and onto individuals, and off today’s taxpayers and onto our children and grandchildren.
This program would reverse these tax shifts and set up signposts to help with the transition to the new economy.
Published with permission from Berrett Koehler, copyright 2012. From the new book 99 to 1: How Wealth Inequality Is Wrecking the World and What We Can Do About It.