"Personal property is the effect of society; and it is as impossible for an individual to acquire personal property without the aid of society, as it is for him to make land originally. ¶ Separate an individual from society, and give him an island or a continent to possess, and he cannot acquire personal property. He cannot be rich. So inseparably are the means connected with the end, in all cases, that where the former do not exist the latter cannot be obtained. All accumulation, therefore, of personal property, beyond what a man's own hands produce, is derived to him by living in society; and he owes on every principle of justice, of gratitude, and of civilization, a part of that accumulation back again to society from whence the whole came." Thomas Paine
I was going to write what Paine said above, but when I searched a database I thought what the heck, he already said it long ago. The only reason the wealthy possess property is because they live in a nation that creates the possibility to possess property. But there is another issue in this debate and it is the moral one. Americans have lost their moral compass since the eighties in a fit of narcissistic greed, and the corporate propaganda, supported by wealth makes their immorality and injustice the opposite of what it is and what it does.
"... legislators cannot invent too many devices for subdividing property... Another means of silently lessening the inequality of property is to exempt all from taxation below a certain point, and to tax the higher portions or property in geometrical progression as they rise. Whenever there are in any country uncultivated lands and unemployed poor, it is clear that the laws of property have been so far extended as to violate natural right." Thomas Jefferson, in a letter to James Madison 1785
"One percent of the nation owns a third of the wealth. The rest of the wealth is distributed in such a way as to turn those in the 99 percent against one another: small property owners against the propertyless, black against white, native- born against foreign-born, intellectuals and professionals against the uneducated and unskilled. These groups have resented one another and warred against one another with such vehemence and violence as to obscure their common position as sharers of leftovers in a very wealthy country." Howard Zinn 'APHOTUS'