The more dangerous second idea is the notion that America's rich owe their wealth entirely to their own brilliance, when in fact they also owe much of it to the system that allows and encourages great wealth to be created.
Once there has been a final determination of how much tax you owe, there is an entirely different system to determine how much you can actually afford to pay.
First, tax losses represent an interest-free loan that defers capital gains taxes you would otherwise owe into the distant future, and can even eliminate them entirely when you die.