News/Commentary, Opinion April 16, 2012

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.

[audio: http://com.talkradionews.audio.s3.amazonaws.com/20120416Istook.mp3]

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About Ernest Istook

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Ernest Istook
Ernest J. Istook Jr. brings extensive congressional experience to bear on public policy issues as a Distinguished Fellow at The Heritage Foundation. He also hosts the talk radio show “Istook Live!” from Heritage’s Robert H. Bruce radio studio. Istook served 14 years in the U.S. House of Representatives before joining Heritage in 2007. Follow Ernest on Twitter @ErnestIstook
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