A Tax-Driven Depression in a Biden Second Term?

Evidence abounds that major tax increases, particularly those targeting investors, helped cause, and then intensify and extend, the Great Depression.

A 1040 form used by U.S. taxpayers to file an annual income tax return in a file photo. Joe Raedle/Getty Images

Commentary

Evidence abounds that major tax increases, particularly those targeting investors, and intensified enforcement in collection by the federal government helped cause, and then intensify and extend, the Great Depression, with blame shared by Republican President Herbert Hoover and his Democrat successor, President Franklin Roosevelt.