Most developed countries tax at a higher rate than the US - so this ends up only applying to people who live and work in tax havens, and earn huge amounts of mo

Most developed countries tax at a higher rate than the US - so this ends up only applying to people who live and work in tax havens, and earn huge amounts of money. (If you live in a country that taxes marginally less than the US, that ~85k deduction really wipes out the surplus US-rate tax, so unless you earn a lot, this still won't affect you.)