However, take a look at the chart on the left. At the beginning, there are Hong Kong, Israel and USA, economies with a high level of inequality measured by the number of billionaires per million people. At the end, there are Hungary, Slovakia and Slovenia, world's champions of equality.
Hungary, Slovakia and Slovenia are lovely and cosy countries that belong to the old European civilisation. (Using the term 'New Europe' is hugely offensive.) They boast rich history and culture. They produce great food, too, especially Hungary.
Nevertheless, from the entrepreneurial point of view, these countries do not offer a good base to start and run a business. During the communist era, their financial capital was almost totally ruined in the name of equality. The human capital was badly damaged, too. Simply look through the list of famous Hungarians in the United States and other countries. A successful Hungarian is usually an émigré. In Slovakia it's pretty similar. (Admittedly, I'm not familiar with Slovenia).
Conclusion? Too much equality makes any country's talent flee and flourish abroad. Equality enforcement measures—such as high income tax rates—kill entrepreneurship, kill innovation, kill economic growth, kill employment.
Even Denmark used to have a high degree of inequality prior to introducing its generous welfare state but that's another story.