For several decades, there has been a gradual but significant shift in U.S. tax policy that favored strong stock performance on one hand, and the offshoring of many U.S. jobs on the other.
Here is a chart that captures it well:
Data Sources: U.S. Bureau for Economic Analysis, U.S. Treasury, Tax Policy Center
This article examines that shift, how it has impacted investor portfolios, and why it may change in the future.
I’ll start by quantifying a few of these changes, and then I’ll move into discussing some of their likely ramifications and potentials for