The last republican president, Geo "I'm An Idiot" Bush has cost the American tax pay over fifteen trillion in debt. That's based on the two wars, bank deregulation financial collapse and massive tax cuts for the rich and their corporations. A lot of that debt continues to grow as the tax laws have not been changed. Deregulation is still a big push for republicans leaving way for future financial chaos.
But billionaires aren't the only ones that use loopholes to pay lower taxes. Thirty of America's most profitable corporations used rules like the "active financing exception" -- allowing corporations to sidestep paying taxes on overseas profits if they were derived by "actively financing" some activity or deal -- to pay less than zero in income taxes, according to a recent report from the Center for Tax Justice.