On April 15th, roughly 160 million taxpayers faced up to Tax Day in one way or another. For most Americans, filing taxes leads to a refund of about $3,000. One would think Americans would look fondly on this exercise, but the reality is that most of us do not. The IRS is the least popular federal agency in the country for good reason. Understanding this, it’s hard to miss the irony of progressives celebrating Tax Day by making a whole week out of it.
On Wednesday, President Biden proposed, among other policies designed to make Americans poorer, higher taxes. Similarly, on Tax Day itself, Senators Tammy Baldwin, Sherrod Brown, and Joe Manchin reintroduced a bill to tax certain investment income as ordinary income. Known as carried interest, this tax provision has been a perennial bête noire of the left since it entered the tax zeitgeist courtesy of a law review article published in 2008.
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