Taxes Dominate The News

Taxmageddon could push our economy off a cliff in January, just a couple of weeks after the Mayan calendar predicted we'd see the end of the world.

Everybody is thinking about taxes today.

The IRS’ website features their dirty dozen scams, ranging from identify theft to tax shysters who promote non-existent deductions and credits.

President Obama is proposing higher taxes for millionaires—who already pay by far the biggest chunk of income taxes. Obama claims that’s what Ronald Reagan wanted. Actually, Reagan supported lower tax rates for everyone; Reagan just wanted to close down some loopholes that favored only the rich–and those loopholes were closed years ago.

But the biggest tax scandal we face is Taxmageddon. That’s when Obamacare taxes hit plus a bundle of temporary tax cuts expire. Taxmageddon could push our economy off a cliff in January, just a couple of weeks after the Mayan calendar predicted we’d see the end of the world.

Taxes. They’re always good for a good scare.

From The Heritage Foundation, I’m Ernest Istook.

Tags: ,

Ernest Istook
Ernest Istook shares insights from 25 years in public office, including 14 years as a U.S. Congressman, plus raising five children. He now writes for The Washington Times, hosts a talk radio show, and his daily commentaries are heard on over 100 radio stations. To receive Ernest's free newsletter, simply subscribe at http://eepurl.com/JPojD. Ernest also delved into issues as a Distinguished Fellow at The Heritage Foundation and a Fellow at Harvard University's Institute of Politics. As a former news reporter and courtroom attorney, he enjoys gathering and sharing ideas and information in an entertaining way. Follow Ernest on Twitter @Istook and on his website, istook.com.

No comments yet.

Leave a Reply

Senate Passes Fast-track Authority, Moves To Resistant House

The bill moves on to the lower chamber where it faces an inevitable battle from House Democrats.

Senate Rejects Currency Provision

Senate Republicans (Photo by James Cullum)

The failed provision is a win for President Obama who issued a veto threat over the entire fast-track bill if the amendment passed

UN: Women Disproportionately Affected by Nepal Earthquake

The flag of the Nepal at the United Nations. Photo: Luke Vargas/TRNS

Gender discrimination, a lack of maternal health facilities and poor security in temporary camps is making post-earthquake life difficult for Nepali women.

The World in 2:00 – May 22, 2015

The World in 2:00 continents logo

UN data shows women disproportionately affected by the Nepal earthquake and Irish voters are poised to legalize same-sex marriage in a national vote today.

Obama Signs Law Granting Congressional Review Of Iran Deal

Capitol

Congress will now be able to reject or approve a nuclear deal reached with Iran which is expected to be announced June 30

Obama Reaffirms Support For Israel, Defends Iran Nuclear Action

“It would be a moral failing on my part if we did not stand up firmly, steadfastly not just on behalf of Israel’s right to exist, but its right to thrive and prosper,” Obama said .