Yeah, there was a pretty strong argument to raise taxes in 2017-2019 in order to prepare for a return of higher interest rates (or at the very least, not cut taxes further) but not much earlier in the decade. Obviously the pandemic necessitated deficit spending again, but we once again have a window of opportunity to put our economic gains into reducing the deficit.

To the Biden administration’s credit, it did pass the Inflation Reduction Act. Hopefully the next administration will let at least some of the Trump administration’s tax cuts expire and raise revenue in other areas.