Professor Cowen explains that the US belongs to the hyper-rich. You don’t count.

The lame duck session of Congress is shaping up to be dominated by the issue of what to do with the “Bush tax cuts” set to expire at the end of the year. Democrats want to extend the Bush tax cuts only for everyone making less than $250,000, but the Republicans are insisting that they extend the Bush tax cuts across the board. What seems to be completely missing from the discussion are any so-called “Obama tax cuts.”