General Discussion

The Code, especially Subchapters C and N, are built to facilitate (tax) efficient capital formation. But that's simply a policy decision - which, given certain circumstances, could be changed.

BS? Sure. But nonsense - hardly, it's built - again, as you note, the mega-wealthy.

Now - corporation law, that's some really loaded stuff. Would be interesting to see what a return to mid 19-th century corporation law would look like (e.g., corporations existing for a specific purposes and at the pleasure of the state - theoretically, the people - and not being allowed to own other corporations vs. the modern general incorporation statutes and holding company regime). You want to make them smaller and easier to control? Overturn not only Citizens United, but more importantly Santa Clara v. Southern Pacific.