Americans paid a lower share of their national income in taxes in 2009 than at any time since 1950. Thanks to the American Recovery and Reinvestment Act, 98 percent of working families got a tax cut this year. The rich, too, have been treated very kindly by the tax code in recent years. The top marginal tax rate on income is fully half of what it was 30 years ago, and the top rate on capital gains is at its lowest point since 1933

Where Does the Money Go?