Let's Make Taxes Five Times Higher
“The Era of Big Taxes Is Upon Us” announced a Wall Street Journal headline earlier this week. You could have fooled me. In 1980, according to the nonprofit Tax Policy Center, the average total tax burden in the United States was 22.4 percent of household income. That was President Jimmy Carter’s last year in office. By 1988, President Ronald Reagan’s last year in office, that had fallen to 21.9 percent. By 2019, the last year for which the Tax Policy Center has any data, it was down to 19.4 perc