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

You must be logged in to post a comment.

Found On Facebook: FL Man Charged With Attempting To Use Backpack Bomb

Almlak Benitez legally bought two AK-47s in May and filmed an ISIL recruitment video from a Florida motel room.

Kerry Testifies In Second Round Of Iran Deal Hearings

Members of the House Foreign Affairs Committee grilled Kerry, Energy Secretary Ernest Moniz and Treasury Secretary Jacob Lew on Thursday as the secretaries continued to defend the deal.

The Day Ahead – July 29, 2015

The Day Ahead Logo

More Iranian nuclear hearings at the US Senate, Iraq’s torture record is scrutinized and the African Union debates Burundi’s flawed elections.

NATO Stands With Turkey Following Special Meeting

“NATO is following developments very closely and we stand in strong solidarity with our ally Turkey,” NATO Secretary General Jens Stoltenberg said.

Watch: CENTCOM Releases Video Of ISIL Bomb Factory Airstrike

The latest on Operation Inherent Resolve and “setting the conditions for the liberation of Anbar Province.”

Israeli Spy Jonathan Pollard To Be Released November

Jonathan Pollard, I.D. Photograph / Credit: U.S. Naval intelligence

American U.S. Naval officer was convicted in 1989 for handing over classified documents to Israeli officials