Behind the nation's "grotesque" income inequality: An army of wealth-hiding experts

The widening gulf between the nation's richest citizens and everyone else is fueled by an army of experts — accountants, attorneys and bankers — dedicated to helping the ultra-rich create "hereditary dynasties of wealth," according to Chuck Collins, an expert on inequality at the left-leaning Institute for Policy Studies. 

Collins has an inside view to this issue: As the great-grandson of Oscar Mayer, he came into his inheritance in his 20s and was introduced to the world of wealth advisers who help rich families manage their money and assets. He recalled being encouraged to donate money through philanthropy, but without giving away so much that he would risk eroding his fortune. Rather than listen to the advice, Collins gave away his inheritance in his 20s. As a policy expert on wealth and inequality, Collins, 61, takes a look at what he calls the "wealth defense industry" in his new book, "The Wealth Hoarders," which will be published in April by Polity Books. The nation's wealthiest families pay big money to this army of financial, tax and legal experts to shield and grow their billionaire fortunes, fueling the cycle of inequality. These families and their experts lobby for tax breaks and other regulations that benefit the rich, while the experts guide their clients toward shell companies, trusts and loopholes that will shield their assets from taxation — strategies that largely aren't available to middle-class families.