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.

LISTEN: The Weekend Ahead – October 25-27

The Day Ahead Logo

Elections in Tunisia and Brazil, and human rights reviews of Iraq, Iran and Egypt.

LISTEN: The World in 2:00 – October 24, 2014

The World in 2:00 continents logo

Ebola spreads to Mali, the Security Council attempts to strengthen Somalia’s arms embargo and a UN expert on immigration says it’s time for holistic reform.

Issa: CDC Chief Bumbled Ebola Response

Members of the House Oversight and Government Reform Committee were critical of Centers For Disease Control and the Department of Homeland Security.

NYC Mayor: New York City Fully Prepared to Handle Ebola

NYC Public Advocate Bill de Blasio. Photo/The office of Public Advocate for the City of New York

A doctor who recently returned from Guinea was diagnosed with Ebola on Thursday at a New York City hospital.

Brownstein: Reducing Methane Emissions Helps Job Growth, Economy

Expanding the methane mitigation industry will help with job growth and protect the environment, according to the Chief Counsel of the U.S. Climate and Energy Program.

UN in Brief: Calm & Conflict for October 24, 2014

UN Daily Brief Square

UN staff returning from West Africa to ‘self-monitor’ for Ebola, human rights expert says immigration debate ‘toxic’ and Somali cargo inspections are approved.