How does taking more money from billionaires and throwing it into the government pot lower inequality? Even if every penny were immediately distributed to every American it would not change inequality. Tax code, special treatment? That special treatment such as handling capital gains, dividends, depreciation, etc. applies to everyone.
In any case, higher taxes, changing the tax code, sending more money to Washington is all politics. If you want to cut off the billionaires source of wealth, it’s easy.
Want to get rid of billionaires and the rest of the super wealthy? Just ban IPOs. Yup, cut off the source of wealth. Why have the tax code support the creation of new industries, millions of jobs and technology innovation? Why allow businesses and their founders that improve life for all of us turn a hefty profit simply because the value of stock they sell increases? Who needs Amazon, Tesla, Walmart, Facebook, Microsoft or Twitter for that matter? Not sure what politicians would do without Twitter though. 😁