That includes America, where Biden and Trump are promising more tax cuts
finance ministries were gripped by austerity fever. Governments were doing all they could to cut budget deficits, even with unemployment high and economic growth weak. Today things are very different. Across the West, most economies are in better shape. People have jobs. Corporate-profit growth is strong. And yet governments are spending a lot more than they are taking in.
Two factors explain the splurge. The first relates to taxes. Across the rich world, receipts are surprisingly weak. In America, revenue from income taxes deducted from pay fell slightly last year. Meanwhile, “non-withheld income taxes”, including on capital gains, tumbled by a quarter. Britain’s capital-gains-tax take is running 11% below its recent high.
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