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

Thursday, July 2

● Texas town uses money to keep secrets

● Most Americans support decision on health subsidies

● Court revives Baltimore casino site dispute

● Retirement savers need better disclosure

● What does it take to be a veteran?

● Bogus identity theft protectors are fined

Report: Major Airlines Conspired To Keep Fares High

doj

A spokesman with the Department of Justice confirmed to TRNS that an investigation is underway of “possible unlawful coordination by some airlines.”

The Day Ahead – July 2, 2015

The Day Ahead Logo

A new round of Ukraine peace talks gets underway and the search for MH370 expands in the South Indian Ocean.

Neller Tapped As Marine Corps Commandant

Neller, if confirmed by the U.S. Senate, would succeed Commandant Gen. Joe Dunford.

Seventh Black Church Burns Since Charleston Shooting

Of the seven fires, officials have only declared two instances to be arson.

DoD: Twitter, Facebook, Youtube, Instagram Valuable ISIL Recruiting Tools

“They should not let avowed murderous, barbaric, brutal terrorists use their platforms,” a Defense spokesman told TRNS.