> I feel pretty strongly that adding exceptions and loopholes to taxes only benefit wealthy people, which is the opposite of the intent.

It depends what the exception is.

If the exceptions are "we treat a form of income received disproportionately by the rich a 'not income' and tax it at a lower rate, and on top of that we add an extra tax on top of income tax on labor income, and cap the larger part of that extra tax, too, to avoid burdening high earners", that helps the rich, sure. But there are plenty of exceptions possible that don't do that.

> Larry Page would be pumped. His annual salary is $1.

The tax would be on consumption, the credit would be based on income, so Larry still pays when he buys gas (if not for his cars, then for his planes).

> I would be interested in reading a study where all the tax laws in the country were burned down and rebuilt

That would burn down the country. Tax policy and the economy are a ship that has to be gradually turned in the optimal direction, just like how for the last 40 years tax policy has been gradually redistributing growth/wealth upwards. Sudden changes (like we are seeing now with indiscriminate tariff policy) are what results in the most harm to the poor.

> Also, eliminate borrowing against a stock portfolio. That is downright evil.

Agreed, or just heavily tax borrowing against a portfolio above, say, $2M/year. That way you don't penalize working people borrowing against 401ks or taking home equity loans for home improvements.

> Larry Page would be pumped. His annual salary is $1.

Salary might be $1 but what is his effective income when he files his taxes? That is what he is taxed on, which includes things like dividends and selling of stocks.

There’s nothing wrong with borrowing against stock, the evil part is the step-up in cost basis when the billionaire dies that prevents them from paying any tax at all.

It would be a good deal for the country to let the billionaire use their skills to grow wealth without interrupting it and tax them all at death.