You're missing a lot about how a digital image is made. If you haven't already, see post #21 in this thread -
http://www.thephotoforum.com/forum/photography-equipment-products/303010-ccd-analog-2.html
When it says a camera has a 14-bit bit depth, they are referring to the output capacity of the A/D converter (Analog to Digital converter). The A/D converter changes the analog pixels voltages to a digital number that the image processor in the camera can use.
Many DSLR cameras offer a choice of both 12-bit and 14-bit A/D converter output. Usually some variety of both lossless and lossy Raw file compression are also offered.
12-bits can only represent 4096 levels/values of tone. 14-bits can represent 16,384 levels/values of tone.
Bit depth is a major reason for shooting Raw. JPEG only allows an 8-bit depth (256 levels/values of tone). So, if a camera's A/D converter can output 16,384 levels, 16,128 levels per color channel
have to be discarded to make a JPEG. As a point of fact, in the conversion to JPEG only color data is discarded, because it is not as needed for human perception. Luminosity data has to be retained to keep a photo looking like what we see.
Raw converters can output 16-bit depth images. However, the additional 2 or 4 bits are for metadata of one type or another, and are not added image data.
Photoshop can do some 16-bit depth edits. Since the extra 2 or 4 bits aren't image data Photoshop doesn't use all 65,536 levels that 16-bits can represent. Photoshop only uses 32,768 levels per channel (0 = black, 32,768 = white)