The majority of rich kids, whose parents are serious about college, are tracked through prep schools beginning with kindergarten.
Its more rare than not that such a kid underperforms enough to be excluded from elite University admission. Especially once one includes the many elite liberal arts colleges that are generally off of the radar of poors.
I do agree about the value of standardized testing, but for the reason that it enables positive filtering of underprivileged kids who otherwise wouldn't be looked at. I don't believe that a downward pull on rich kids is all that significant. To politely disagree with the reasoning of an otherwise well intentioned post.
I attended prep school as a poor. One of the most egregious things that I've ever witnessed, in terms of admissions, is a truly stupid poor being admitted to an Ivy because his Father networked enough as the a prep school's soccer coach (soccer being why his son was at the prep school, but not why he was admitted to the Ivy). I knew this kid from when we attended Catholic school together before the prep school.