Raising taxes has proven ineffective when it comes to generating large amounts of revenue. Look at history and tax revenue as a % of GDP remains remarkably steady despite the top tax rate falling almost 70%(http://tinyurl.com/3dgkupq). So the old saying that you can't raise taxes higher than the amount it would cost a rich guy to cheat the tax system holds pretty true.
Maybe we'll find some miraculous way to fix that problem but as of right now we can't expect huge gains by raising taxes.
That means the roughly 43% we owe ourselves either (a) can't be paid back or (b) will have to be borrowed from foreign countries. Because we can't raise the revenue in time to pay out the debt to pension funds, Social Security and private citizens saving for retirement.
So the People/Government who owns America is really whoever will be willing and able to loan us money when the U.S. citizens we owe come to collect their money.