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.

Canadian Parliament On Lockdown Amid Manhunt For Shooter

According to local media reports, a man armed with a rifle opened fire at a location near the Canadian Parliament and at the front doors of the Parliament itself.

Poll: Scott, Crist Deadlocked In Florida Less Than Two Weeks Out

Photo: Geoff Holtzman/TRNS

A poll shows the two candidates deadlocked at 42 percent each in the race for Florida’s governorship.

TRNS News Notes- 10/22

Midterm Madness: Meany debates
U.S. ramps up Ebola screening
Ebola czar meets with Obama today
WaPo former editor Ben Bradlee dies at 93
ISIS seize U.S.-dropped weapons
Did Panetta violate CIA secrecy agreement?

Click here for: Wednesday, October 22

● Court affirms cap-and-trade pollution plan

● Court lifts immigration bar to Brazilian chefs

● Physician aide draws 15-year term for fraud

● Where ideologues get the news

● FCC targets political robocalls

● San Francisco’s landlord tax is rebuked

LISTEN: The Day Ahead – October 21, 2014

The Day Ahead Logo

The last chance to catch Halley’s Comet for the next 47 years, the U.N. Security talks piracy in Somalia and Jimmy Choo lists on the London Stock Exchange.

LISTEN: The World in 2:00 – October 21, 2014

The World in 2:00 continents logo

London orders surveillance flights over Syria and Qatar earns a spot on the U.N.’s Human Rights Council.