Funnily enough I wrote an essay about this very thing only yesterday for my university.
IT DOES NOT WORK. The economist Joseph Stiglitz (former director of world bank) confirmed that the divide of rich and poor is certainly at an all time high. The top 0.05% control over 85% of the worlds wealtg. BUT in a healthy economic society there MUST BE inequality. The extremes we're witnessing to today is systematic because government policies are set up to benefit the interests of the top 1% (banks, investors, stockbrokers etc). They pay higher taxes, sure, but the poor tend to spend all of their income whereas the rich have a surplus plus massive savings anyway.
You know what would happen if you took all of Richard Branson or Bill Gates money and gave them $33,000? In a few years they'd be billionaires again. Because people like this KNOW how to make money and they're innovative enough to actually get out there a make it happen. Society needs people like big earners to keep doing what they do - make money. So they can be taxed and the money funded into the public like roads, healthcare, farming etc. If you kept taking their billions off them and handing them back $33,000 that the road sweeper next door gets they'd just leave the country or stop bothering to make money for other people.
The answer is proving incentives to work hard and providing opportunities to actually work.