Commentary I have written for years about Washington’s bipartisan fiscal policy—chronic overspending and a consequent inability to balance the federal budget. Neither party knows how to balance the federal budget. Today, Democrats are in the spotlight, because they are the ones proposing new taxes in a totally partisan (i.e., with zero Republican support) fashion. Two of the major claims that Democrats have made in defense of their proposed tax hikes are that they are designed to make the rich pay their “fair share,” and that the new taxes will cover the costs of the huge spending increases that Democrats are seeking. First, fairness: A familiar refrain used by President Joe Biden, House Speaker Nancy Pelosi (D-Calif.), Sen. Chuck Schumer (D-N.Y.), Sen. Bernie Sanders (I-Vt.), et al., is that the rich must pay their “fair share” of taxes. Fine, but it would help if politicians who invoke this phraseology would specify …