Tax hikes and growing debt guarantee shared pain in a hobbled economy.
by J.D. Tuccille
Happy Tax Day! True, April 15 is a bit less momentous than usual this year, because the IRS and many state revenue agencies extended the deadline for filing tax returns and making payments to accommodate economic troubles caused by the pandemic and lockdowns. Still, those of us accustomed to the usual date can’t help but dread the coming of mid-April. This year, that dread is even more appropriate if you recognize that taxation is theft and anticipate rougher muggings than usual in years to come, courtesy of the Biden administration’s ambitious tax proposals.
“Democrats have spent the last several years clamoring to raise taxes on corporations and the rich,” Jim Tankersley and Emily Cochrane noted for The New York Times in March. “Now, under President Biden, they have a shot at ushering in the largest federal tax increase since 1942.”