Just like corporations, people don't actually end up in jail because they don't act morally. They end up in jail because they don't act within the boundaries of the law.

There are plenty of rich assholes out there who would screw people over on a deal (for example, one well known New York real estate developer..)

It's one of those things where either everyone has to do it, or no one does. Nobody wants to be the first schmuck to pay higher taxes while allowing the competition to accummulate larger cash reserves and gain better margin flexibility.