We became a sovereign, fiat currency nation with a flexible exchange rate. We were the currency monopolists, the sole issuer of the dollar or its surrogate. Which means that we could never be insolvent in our own currency, we could never have programs that depended upon revenue for their funding, so neither could they face insolvency.
Since a fiat currency nation can create all the dollars it needs, logically, and operationally it is not constrained by revenue to spend. Government must first spend before it can tax or borrow. It is, then, axiomatic that taxation and borrowing per se, do not fund any of the government's obligations.
Warren Buffett and his 1%ers know this. From that one event in 1971 the rich had their effective tax rates cut during 1972-1985 from 75% to 35%. They know today that the Federal government is not constrained by revenue to spend, therefore, they want as much of their income and profit as they can keep. They pay millions for these favorable tax code changes. The rest of us, didn't get the memo on the paradigm shift in monetary/tax policy and how it all operates.
Therefore, we're stuck with enormous constraints on how much we keep of what we earn. Since what we transfer to the government isn't used to finance the Federal government.
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