The wealthy retain very sneaky tax attorneys who know the loopholes.
I think the odds of Jeff Bezos losing 8% of his wealth are small. As you say, he has tax attorneys.
The guy who owns a hardware store, on the other hand, may take it in the shorts.
I think the biggest tax loophole is the “Charitable Deduction”.
I’ll start work on closing that loophole as soon as my alma mater gives me a receipt for $10MM — which is the “appraised” value of the unique collection of finger-painted art, created by my grandchildren, which I just “donated” to that college.
"...know the loopholes" HELL!
They WRITE the laws...and after the requisite "campaign contributions" politicians enact them.