Forgot the meta existed
Technically, yes, tags can be deleted, but in order to do so, you have to remove the tag manually from every question that contains it. There's nothing that anybody with editing powers can do that just deletes a tag, however. Probably for the best, as it could create questions without tags.
There is something of an automated tag deletion system, but it's less deletion and more of a normalization system, as PM puts it. Certain tags automatically changed to others, for example, bw2 becomes black-white-2. It's been ages since it's been posted on, but there's actually a thread for tag combination suggestions.
bw2
black-white-2