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Philanthropy’s $9 Trillion Blind Spot

The most recent debt ceiling debacle is the latest chapter in the nation’s decades-long political contest over federal spending and taxation. In the view of many conservatives, the ballooning federal debt is a crisis of runaway government spending. But the federal debt is more properly viewed as a crisis of taxation. The debt represents the failure of government to raise the revenue it needs, especially from the wealthiest Americans, to advance our most vital national priorities: a vibrant and inclusive economy, a safe and clean environment, and the equality that is foundational to a functional, multiracial democracy.

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This article first appeared in on June 7th, 2023.