This is puzzling to me because all this effort would have been more effective if it were spent on fighting the actual problem - people becoming filthy rich and then essentially leaving our system of government and taxation.

Fighting tax loopholes increases the revenue without "tax-increase" optics, and it's extremely popular.

This is happening because our system is completely broken beyond the point of return. Once wealth takes hold of law-making powers, that's it.

I guess I answered my own question.