The analysis I've read, right or wrong, is that for the upper echelon the goal is really two-fold: reduction or elimination of long term capital gains taxes and the estate tax.
The reason is that for really rich people their assets are rarely exposed to taxation before death while most of their holdings are subject to long term capital gains taxation when their estates are settled. That fact, and the estate tax, are the real impediments to dynastic wealth in the US.
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