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Weekly
Review
October
22,
2016
October
17:
IRS
Extends
Filing
Deadline: I
shared
last
week
regarding
some
of
the
back-and-forth
between
my
office
and
the
Internal
Revenue
Service
(IRS)
and
why
parts
of
North
Carolina
were
granted
tax
relief,
yet
South
Carolina
was
not.
Accordingly,
I
wanted
to
share
with
you
news
we
just
received
from
the
IRS,
which
extends
today’s
deadline
(October
17th)
for
certain
individual
and
business
tax
returns
until
March
15,
2017.
While
the
IRS
normally
extends
relief
only
to
those
areas
granted
FEMA
Individual
Assistance,
they
have
decided
to
expand
the
scope
of
relief
to
now
include
all
counties
granted
FEMA
Public
Assistance.
What
this
means
is
that
there
are
now
15
counties
(as
opposed
to
2)
here
in
South
Carolina
where
individuals
and
businesses
will
see
an
extension
until
March
15,
2017.
October
18:
Bill
Supported
by
Americans
for
Tax
Reform: Playing
catch
up
here
on
bill
I
introduced
last
month:
H.R.
6098,
the
Transparent
Recognition
of
Unjustified
Tax
Hoarding
(TRUTH)
in
Government
Act
of
2016.
If
you
missed
it,
the
bill
would
change
the
IRS’s
current
system
of
withholding
taxes
from
your
paycheck.
Withholding
masks
the
cost
of
government
for
each
one
of
us.
In
fact,
it’s
difficult
to
value
that
which
you
never
see
or
touch.
Does
money
you’ve
never
touched
even
feel
like
it
belongs
to
you?
In
this
vein,
I
believe
people
need
to
look
at
the
check
they
write
to
government
and
ask
whether
or
not
they
think
they
are
really
getting
their
money’s
worth.
That
is
indeed
not
the
current
system.
I
have
written
on
this
before,
but
I
thought
you
might
like
to
see
the
attached
letter
of
support
from Americans
for
Tax
Reform President Grover
Norquist.
October
19:
A
Financial
Day
of
Reckoning: I’ve
heard
it
said
that
the
definition
of
insanity
is
doing
the
same
thing
over
and
over
and
expecting
different
results.
Are
we
not
doing
this
now
on
the
federal
debt?
National
leaders
continue
to
kick
the
can
down
the
road
on
this
issue
and
seem
to
somehow
hope
it
will
go
away.
Unfortunately,
with
two
presidential
debates
down
and
one
to
go
on
this
front,
we’ve
heard
more
back
and
forth
regarding
each
candidate’s
personal
failings
than
we
have
substantial
debate
on
the
issues.
With
the
final
presidential
debate
tonight,
I
wanted
to
share
an
article
I
wrote
that The
Washington
Times published
earlier
this
month.
I’m
not
convinced
that
we’ll
hear
anything
substantive
on
this
issue.
That
being
said,
I
hope
to
be
proven
wrong
here.
They
say
that
the
squeaky
wheel
gets
the
grease
in
politics,
and
accordingly,
I’d
ask
that
you
help
‘make
some
noise’
by
sharing
the
article
below
with
a
friend,
family
member,
or
even
on
your
own
page.
Indeed,
it’s
time
to
make
noise!
October
20:
Thoughts
After
the
Final
Debate: Were
you
as
aghast
as
I
was
last
night?
Not
on
what
has
made
headlines
this
morning...but
on
the
degree
to
which
the
national
debt
and
deficit
were
not
discussed
last
night
despite
that
being
broadcast
as
one
of
the
main
topics
of
the
night.
In
fact,
if
you
watched
last
night’s
presidential
debate,
you
had
to
wait
until
the
last
five
minutes
before
the
issue
was
even
raised.
It
was
at
that
point
moderator
Chris
Wallace
of
Fox
News opened
the
conversation.
He
said:
“Our
national
debt,
as
a
share
of
the
economy,
our
GDP,
is
now
77
percent.
That's
the
highest
since
just
after
World
War
II.
But
the
nonpartisan
Committee
for
a
Responsible
Federal
Budget
says,
Secretary
Clinton,
under
your
plan,
debt
would
rise
to
86
percent
of
GDP
over
the
next
10
years.
Mr.
Trump,
under
your
plan,
they
say
it
would
rise
to
105
percent
of
GDP
over
the
next
10
years.
The
question
is,
why
are
both
of
you
ignoring
this
problem?”
From
that
starting
point,
we
went
on
to
hear
nothing
from
either
candidate
on
the
real
nuts
and
bolts
of
what
it
would
take
to
address
this
issue.
I
don’t
want
to
sound
like
a
broken
record,
but
indeed
our
financial
day
of
reckoning
is
coming.
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