, Columnist
How an Invisible Hand Pushes U.S. Taxes Higher
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Federal tax rates on higher incomes were raised at the start of the year. Meanwhile, the Internal Revenue Service has increased its audits of wealthy taxpayers and is pressing small-business owners over unreported income. And tax collectors are pursuing would-be tax dodgers who hold Swiss and other offshore investment accounts.
This is all being done in the name of raising federal revenue to combat huge annual deficits and to punish the Wall Street bankers who President Barack Obama has criticized, right? Well, partly, but that’s not the full story.