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WSJ Opinion
Your Tax Bill Is Headed Higher
BY JAMES FREEMAN

As painful as it is for Americans to pay roughly $3 trillion in federal taxes this fiscal year, the truth is that the pain has only just begun. That’s because the government’s record-high tax collections don’t even begin to cover Washington’s spending promises. Yes, individual federal income tax rates now run up to 39.6% and the U.S. corporate income tax rate, including state levies, is now the highest in the industrialized world. But given the projected agony to come, we may look back on our time spent filling out this year’s tax returns as the good old days.

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