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.

Earnest: U.S. Won’t Reveal Timing Of Syrian Airstrikes

President Obama is prepared to launch airstrikes in Syria, but not specific on when they will happen.

Syrian Rebels To Be Trained Over 8-12 Months

Pentagon Press Secretary Kirby said training will focus on “basic” military skills, focusing on organizational leadership and equipment proficiency.

LISTEN: The Weekend Ahead – September 20-21

The Day Ahead Logo

The largest-ever climate rally is planned for Sunday in New York, Sierra Ebola emerges from nationwide home confinement, and the MH370 hunt continues.

Kerry, French Counterpart Pledge Support for Baghdad at UN

Kerry said every country, including Iran, has a role to play im fighting the Islamic State.

European Human Rights Conference To Hammer Russia Over Ukraine Crisis

57 member states will participate in the Human Dimension Implementation Meeting from Sept. 22 – Oct. 3, in Warsaw, Poland.

Pentagon: Troops Will Not Interact With Ebola Patients

“It’s important to remember the mission, the mission is to do some training, to build these units, and do some logistics, some transport, the movement of material,” Kirby said. “It is not to treat.”