The US is going to have to raise taxes – Quartz
“…the driver of US national debt in the 21st century has been tax cuts. In one analysis, the Center for American Progress, a think tank with ties to the Democratic Party, makes a compelling case that tax cuts enacted first by Bush and then by Trump are responsible for a significant chunk of US debt…
“The paper also considers the sources of debt: In 2023, about 26% of the national debt was incurred in the onetime spending boom approved by both parties during the pandemic recession. Another 40% is represented by all other borrowing. But 38% is represented by the Bush and Trump tax cuts.”
The Supreme Court Should Leave the Tax Code Alone – AEI
“Economists have long understood that whether or not income is realized, it is still income. Nevertheless, it is reasonable and prudent for administrative and other reasons for Congress to distinguish between realized and unrealized income in some situations. For example, measuring income from the appreciation of certain closely held businesses is difficult and Congress has reasonably decided not to subject those gains to tax until they are realized. On the other hand, it could be reasonable for Congress to design a system to tax unrealized gains that are easy to measure, such as those that arise from the appreciation of publicly traded assets.”