A trend that has been growing exponentially over the past 40-50 years is that wealth is more and more concentrated into fewer hands. Part of the reason is this is normal with increased efficiency. A business owner who can buy a machine to do the work of their workers is becoming more efficient. Automation is great for society and the world. The problem comes when the technology and our economy only rewards those at the top.
As a society, we might need to ask ourselves what to do when 80% of all current jobs are automated. Even in today's economy of high productivity per worker, there are many jobs that are going to become obsolete before long. Grocery stores are the classic example but realistically anything in our service economy can be automated.
Some wealth has gotten so top heavy that even far right conservatives are concerned that some people's wealth will rule from the grave possibly a hundred or more years after the wealth was originally generated.
Parents will tell their children about Hollywood actors. "Yes they may be rich but they are not happy." Here is the key. Just because something is not illegal doesn't necessarily make it ethical. We've stepped away from "doing what's right and fair to others" to convincing ourselves that, as long as you are not breaking any laws, you can do anything you want and in fact should be a role model if you bring in the heavy profits.
Years ago everyone wanted to be the next Bill Gates. Mark Zuckerberg is now heralded as the next role model for the "internet generation." On apnews.com, Mark Zuckerberg's father is asked for parenting tips on how to raise children to be the next "Mark Zuckerberg." Unfortunately, both Bill Gates and Mark Zuckerberg did not magically create something in a vacuum of space away from the world. They actually have a shady history of blatantly stealing from others and using extortion as not a small mistake but as a pattern of everyday practice before they got famous. Businessinsider.com has a good article explaining the real details behind the founding of facebook.
In short, everyone benefits when people do what's right by each other. Even some millionaires want to have higher taxes because it is hard to ask yourself what is fair to keep and what is fair to give away. They know that a fair society that is stable and just allows them to continue making millions every year in the future.
I am not sure myself if we need to change tax laws. Maybe all we really need is a change of public opinion. A little more respect for all workers, not just the ones on top. With respect comes compensation, and there would be more economic activity if the wealth was less concentrated in a few hands. The wealth at the top is only in some Swiss bank account or hoarded into stocks or gold. Many are starting to acknowledge this. It could be they feel guilty or want to leave a "legacy," but both Bill Gates and Mark Zuckerberg plan to give away much of their wealth.
Sources:
http://www.msnbc.msn.com/id/41415001/http://m.apnews.com/ap/db_16034/contentd...http://www.businessinsider.com/how-faceb...#
http://lifeinc.today.com/_news/2010/12/0...http://www.forbes.com/2010/12/09/zuckerb...