I don't get you here, poor people are in much greater need of lifelines than rich people, removing the lifeline from poor people just because rich people also use it is just horrible.

The main effect of removing it is that disenfranchised smart kids don't get into college, replaced by dumb kids with stable homes who spent a ton of time studying yet were too dumb to score well on SAT. Colleges are already full of such kids, and so is the job market, we don't need more of them.