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10 Steps to Break Up the Wealth of the Super Rich

Here's what it's going to take to have a society where everybody prospers and get a fair shake, as this excerpt from Collins' book 99 to 1 explains.

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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.

Chuck Collins is a senior scholar at the Institute for Policy Studies and chair of the Working Group on Extreme Inequality, an emerging coalition of religious, business, labor and civic groups concerned about the wealth gap. He is coauthor with Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes.
 
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