Summary
FORTY YEARS ago, wealthy Americans financed the U.S. government mainly through their tax payments. Today wealthy Americans finance the government mainly by lending it money. While foreigners own most of our national debt, over 40 percent is owned by Americans - mostly the very wealthy.
This great switch by the super rich - from paying the government taxes to lending the government money - has gone almost unnoticed. But it's critical for understanding the budget predicament we're now in. And for getting out of it.See the full content of this document
Extract
The Great Switch by the Super Rich
Over that four decades, tax rates on the very rich have plummeted. Between the end of World War II and 1980, the top tax brac...
See the full content of this document
Sponsored links
