I've done both in the past, but all but a few years were standard deductions. I probably will end up itemizing this year because we bought a house last year and will probably be better off itemizing.
Just like you can itemize, so can everyone, including the rich and corporations. Rich people don't take standard deductions, either do corporations, or medium size businesses. Small business owners would be stupid to not itemize.
I am going assume you don't pay your tax bracket rate either, because of the deductions to income you declare: kids, mortgage, etc... well, that is not different from what rich people and corporations do; obviously the scale is different, and you probably don't get tax breaks because you don't open a business that'll generate 400 jobs in your community, but the principle is the same.
I know a lot of people have this image of rich people just living the high life flying around private jets and sailing their yachts around the Mediterranean sipping expensive champagne, but more often than not, that is not the case, and I don't think it is right to take money from them just because they have it.