[CamB]

Yeah, but John, the tax system still leaves plenty of private capital for direct investment in business. Income isn't being leveled like in communism, and rightly so.

Besides, if an enormous amount of private capital became available to be invested in private enterprise (as you suggest), I suspect it would end up being invested inefficiently (ie in unproductive assets/ideas). Ultimately there has to be some sort of equilibrium (I haven't thought about it too hard, but I suspect it relates to the level of natural resources - one of the many reasons the US is as wealthy as it is today), and if significant wealth is to be created in the circumstances you suggest, I suspect it is at the expense of "poorer" people - both in the US and in other countries.