I agree with everything said here with one glaring exception: these billionaires don't engage in capitalism. You note, yourself, that these people comprise "a class that effectively owns the US government." They engage in corporatism, which is an entirely different endeavor.

I'm out to redeem the term "capitalism;" it's nothing more than a system based on capital. Savings create capital. And when we talk about “capitalism,” we're really talking about a system wherein we use our savings to generate wealth. The economic system the US government promotes and these billionaires follow is consumptionism; attempts to increase demand and consumption (spending) including tax & spend policies. The following title would be more accurate: Wealth Identity Politics: Billionaires Acting Like A Persecuted Minority Is Peak Consumptionism.