It’s Tax Day. Both ends of my radio dial can talk about little else. But I didn’t hear them explain why it was moved back from April 15th. Tax Day was postponed because a District of Columbia holiday (Emancipation Day) fell on the Fifteenth this year.
It’s interesting to me that today is also Passover, but the Jews do not get any official holidays. Even after decades of multiculturalism and diversity worship. Anyhoo…
If I could make only one point about taxes, it would be this:
Every nickel a government spends is a tax.
The spending may be a nickel that was taxed away last year and deducted from the government treasury. Or it may be a nickel borrowed from the private economy which will need to be taxed away at some time in the future to settle the debt.
There are many interesting arguments to be had about tax rates and tax policies. And that’s what the radio has been doing. Everyone is obsessed with the current tax scheme. And it is important, as it affects costs and prices and ultimately changes the shape of economic activity.