In the name of “doing something,” politicians once again seek to abuse the tax code to achieve radical policy agenda items. Last week, it was Sens. Sanders and Wyden seeking a backdoor minimum wage hike when the Senate parliamentarian didn’t give them their way on a $15 federal minimum wage. This go ‘round, progressives are looking to a blanket “financial transaction tax” to supposedly “rein in” Wall Street hedge funds, at the expense of ordinary Americans’ savings and investment.
However, another week in Washington means another week that politicians on both sides of the aisle misunderstand markets, whether intentionally or unintentionally, and we find them using the hot-button issue of the day to push their agenda. This is an agenda that, across the board, grows the size and scope of government at the expense of the people. Slapping on a new tax to engineer individual actors’ behavior — businesses, individuals, or other entities alike — is one of many frequently turned to tactics.
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