U.S. politicians have made a value judgment that they shouldn’t tap much of the country’s wealth to pay for government programs. That judgment, in turn, reflects the preference that many Americans themselves have expressed over the years for leaving private resources in mostly private hands.
Political leaders have actually reduced taxes — personal and corporate — to some of their lowest levels in generations and carved out a series of loopholes and policies that allow American companies and individuals to save money. And some of this money ends up leaving the country altogether.
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