The U.S. net national saving rate reached a postwar peak of 12.3 percent in 1965 and has since trended downward to 1.2 percent in 2007. Consequently, many analysts claim that saving is too low. Since 1983, the Social Security program has been in surplus, and the trust funds have been building up...

Several policy makers have voiced concern, bordering on alarm, over federal budget deficits and growing federal debt over the past decade and have advocated changes in spending and revenue policies to address their concerns. This study examines the redistributive effect of various federal tax...