I am in agreement with a lot of this, but I think it would be wise to examine the assumption that wealthy people create enough jobs to justify the loss of revenue to the government. The government creates a LOT of jobs. A handful of very wealthy people can only employ so many butlers. I think there is probably an optimum middle ground in there, and I think we have moved away from that.
I also do not believe the market is as tax sensitive as many people assume. Business owners obviously want to make money, but that is rarely their primary motivation for starting a business. Most people can make more money for doing something other than what they are doing right now, and entrepreneurship is a risky way to make a living. For the megarich, money is almost meaningless, and more of a way of keeping score than anything else.
I don't advocate for excessive taxes, but they should at least be sufficient for the government to pay its bills, and they frequently seem to fall short of that. Some of that is wastage, but an enormous percentage of public money is being soaked up by interest on loans for all the times our government had to borrow money in the past (typically to feed the war machine, which is the origin of many unpopular taxes). The people who loan them this money are the very same people everyone keeps trying to shield from paying taxes. Do you smell a rat yet?