Yes, but it isn't taxed federally as income tax, which is the problem we're probably trying to solve.

IE, every dollar I earn gets taxed twice - as income, then as sales tax. Rich guy only pays the sales tax.

And there's a fundamental difference between "borrow to keep the business running smoothly" and "borrow to buy a mega-yacht". Legally, not so much, as you say, but hell's bells, the super yacht market really shouldn't exist.