Posts tagged taxes

It’s a confusing time to be a college student in Maine.
(BDN front page this morning.)

It’s a confusing time to be a college student in Maine.

(BDN front page this morning.)

Cake and taxes

Choire’s post and the ensuing comments say pretty much everything that needs to be said about taxes and the doing thereof, except for one thing: a treat! You need to schedule a treat after doing your taxes, or after having a professional do your taxes, because even if a professional does your taxes you still need to get the paperwork together and brace yourself for the “final numbers” and then sign the paperwork and make the payments to the government and/or to the professional who did your taxes.

I don’t know about you, but I think this year calls for a cake. Two layers, even, with frosting. And a Manhattan on the side. Don’t forget to share with your accountant.

Reagan may have resisted calls for tax increases, but he ultimately supported them. In 1982 alone, he signed into law not one but two major tax increases. The Tax Equity and Fiscal Responsibility Act (TEFRA) raised taxes by $37.5 billion per year and the Highway Revenue Act raised the gasoline tax by another $3.3 billion.

According to a recent Treasury Department study, TEFRA alone raised taxes by almost 1 percent of the gross domestic product, making it the largest peacetime tax increase in American history. An increase of similar magnitude today would raise more than $100 billion per year.

This comes from the National Review archives, so the list of Reagan-era tax hikes winds toward a thesis that “economic elites” “ganged up” on the Gipper and forced him to raise taxes, but it is still a pretty good list of tax hikes President Reagan did not veto.