> ... absolute majority of them are not billionaires.
I see two big factors in play here:
1. The widespread belief in American exceptionalism, once characterized as every American thinks of themselves as a temporarily embarrassed millionaire [1]; and
2. The power of propaganda. The number of low-income people who will fight to the hilt that Jeff Bezos shouldn't pay slightly more taxes to pay for the society that made his wealth possible and continues to make it possible is astounding.
[2] is only "astounding" if you don't take the time to understand peoples' political philosophies, and I can probably guess your political leanings if you believe [1] causes [2] or that "poor people" can only be intrinsically motivated. I don't know any millionaires but I know plenty of people who think it's wrong for the government to confiscate wealth, who you seem to classify as "temporarily embarrassed millionaires." I'm sure some people think they'll get rich (looking at you crypto bros) but a lot of people simply think it's none of your or the governments business how much money other people have and what they do with it.
I think 2 can be complicated as well. Increasing his tax liability along with many other very wealthy people basically requires taxing unrealized gains, which if applied to less wealthy people in the future could be very bad for them.
I’d like to see something that specifically targets the loophole of borrowing against stocks & repaying by taking additional loans and selling only assets which have declined in price.
I see two big factors in play here:
1. The widespread belief in American exceptionalism, once characterized as every American thinks of themselves as a temporarily embarrassed millionaire [1]; and
2. The power of propaganda. The number of low-income people who will fight to the hilt that Jeff Bezos shouldn't pay slightly more taxes to pay for the society that made his wealth possible and continues to make it possible is astounding.
[1]: http://www.temporarilyembarrassedmillionaires.org/