The federal deficit has become a front-page issue.  The deficit was recently running at an amount equal to 15% of GDP per year — even before the Biden Spending Proposals. They are the highest deficits as a share of income for decades. These deficits generate a need for more taxes, so the Treasury Secretary recently suggested an increase in corporate tax rates as a starter. It didn’t get very far, as that would make US corporate tax rates higher than […]