some food for thought...
That video is talking about wealth, not income. Unless you want government to tax wealth, it's not going to solve the 1% "problem". If I'm worth 100 million, but just stop working and make no money, what's a fair tax? Should I be taxed on my wealth? 10% every year?
What about the bottom 40%? Should government actually pay them money? or net zero taxes? If government collected significantly higher taxes from the wealthy, should it redistribute it to the lower net worth people? If this calculation is done based on wealth, and I'm someone who makes decent money but have zero net worth, should government pay me your money?
The biggest problem IS the government. Have you noticed during the same 50 years the government has gotten bigger and bigger? More regulation, more taxes, more waste? It's not a coincidence.
Think about the overhead costs you have to put up with when you open a small business - I don't mean a high tech business... more like your average Joe - painter, welder, whatever. Everything from licenses to taxes at every level, insurance requirements, etc... Does that make it harder to do business for the little guy or the 1%er? As a lower income person, you're just better off working for someone else... fixed paycheck, lower risk, less opportunity, lower economic output.
Remove those barriers and let people apply themselves. Free up the bottom 40% instead of worrying about penalizing the top 1%. That's always been the path to prosperity.
As for tax policy - flat tax is the way to go. The more social engineering is built in, the more complex it gets, and the guys with the money will buy influence to tilt the table in their favor.