I agree with your premise but you really ought to run some real numbers.

Imagine how much money the country is losing when 400 families with incomes anywhere near that range get to stash away another 2.9% of it.

If 400 families making a hundred million dollars a year got to keep an extra 2.9% that is about a billion dollars. Food Stamps costs $79 billion a year. If a hundred million families making $50,000 a year pay an extra 2.9% you raise an extra $145 billion.