| Tax Day was this week, but what will it look like next year? Chances are good your tax bill will go up, especially if Congress keeps spending like there’s no tomorrow. In the last nine months alone, the U.S. has spent a staggering $5 trillion, and the fiscal year isn’t even over. The deficit was more than $2.7 trillion, another record. In June alone the federal deficit was nearly $900 billion. The federal debt is already more than $26 trillion, and at this rate, it will be up to $30 trillion before we know it. While some of this money was needed to help those hurt by the coronavirus pandemic, much of it was wasteful. The American people will ultimately pay for this spending spree. So it’s all the more important that Congress not pass another multi-trillion-dollar relief package that isn’t tailored to the people who need the most help. Democrats are already promising https://www.washingtonexaminer.com/washington-secrets/tax-day-puts-gop-focus-on-bidens-pledge-to-hike-taxes-cutting-pay-jobs to hike taxes if they win in November, and the more Congress spends now, the higher those tax hikes could be. → Read more: The COVID fiscal crisis is about debt and taxes (Wall Street Journal) → Read more: America can’t afford tax day under a Biden administration (Real Clear Politics) |
