evidence: Just because the government raises taxes, doesn’t necessarily mean it will raise more revenues. The Biden administration is discovering that the hard way. In August 2022, President Joe Biden signed the misnamed Inflation Reduction Act into law, which included a new tax on companies’ financial statement income, new IRS funding to increase audits, an excise tax on stock buybacks, and more taxes on natural gas, oil, and coal. To top it off, certain Trump administration business tax cuts simultaneously have been phasing out. [...] Congress and the White House are spending at a breakneck pace, and now tax revenues have fallen significantly as generous tax credits and a slowing economy outweigh the revenues from Biden’s economically harmful new taxes.