From The Federation of Connecticut Taxpayer Organizations
Contact Susan Kniep
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032
Tax Talk December 21, 2010
Congress Approves Stopgap Legislation
to Fund Government Through March 4 The U.S. Congress
approved stopgap legislation to keep the government funded through March 4,
setting up a budget fight early next year between the administration and
Republicans. On a 193-165 vote, the House backed
a stripped-down measure that would freeze pay for federal employees, provide
$160 billion for the wars in Iraq
and Afghanistan,
and head off cuts in Pell grants for college tuition. The Senate approved the bill hours earlier, 79-16.
Continued at http://www.bloomberg.com/news/2010-12-21/senate-advances-legislation-to-fund-government-through-march-4.html?cmpid=yhoo
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THE CRISIS FACING THE
STATES: POSSIBLE MUNICIPAL/STATE BOND
DEFAULTS, EXCESSIVE DEBT, AND MORE If you missed the 60 Minutes television segments with
Meredith Whitney and others, we suggest you take the time to review the
following link and video. It has been
reported that
Ms. Whitney is one of the most respected financial analysts
on Wall Street who made her reputation by warning that the big banks were in
big trouble long before the 2008 collapse. Now, she’s warning about a financial
meltdown in state and local governments…..“It has tentacles as wide as anything
I’ve seen. I think next to housing this is the single most important issue in
the United States, and certainly the largest threat to the U.S. economy,” according to Ms. Whitney.
Read and Watch the Video at …. http://www.minyanville.com/businessmarkets/articles/60-minutes-state-crisis-meredith-whitney/12/20/2010/id/31781
The Municipal Debt Bubble As cities and states boost their debts by 800 percent, a
housing-like crisis looms. Veronique de Rugy from the January 2011 issue http://reason.com/archives/2010/12/14/the-municipal-debt-bubble
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ALABAMA ENDS PERK FOR UNIONS:
The Practice of Collecting Union Dues for the Unions On Dec 20, 2010 Governor Bob Riley of Alabama signed into
law some of the most impacting anti-corruption laws in the nation. One segment of the law ends the practice of
deducting union dues from paychecks. The unions say it's
political payback. Governor
Riley
calls it an end to financing political activity by special interest
groups. In
the State of Connecticut,
taxpayers paid to have $33 Million Dollars in dues processed for the public
sector unions.
This does not include what Connecticut
taxpayers pay in their individual towns.
Take the time to read the two reports produced on Alabama’s news anti-corruption laws at http://www.wtvy.com/home/headlines/Governor_Riley_Signs_Historic_Anti-Corruption_Reforms_into_Law___112207299.html and
http://www2.alabamas13.com/news/2010/dec/20/new-era-state-corruption-reforms-ar-1247099/
Costliest stimulus, weakest payoff (CNNMoney.com) -- The tax package passed by Congress has a
bigger price tag than any other economic stimulus in history, but not much bang
for all of those bucks. The Congressional Budget
Office estimates that the package has a total price tag of $858 billion,
topping both the $700 billion Troubled Asset Relief Program, which bailed out
the nation's banks and automakers, and the $787 billion stimulus signed into
law in February 2009. Read the complete article at http://money.cnn.com/2010/12/16/news/economy/tax_cuts_economic_impact/index.htm?iid=EAL
Unclaimed properties give Connecticut's budget a holiday
boost
By Keith M. Phaneuf CTMirror.org This
year's state budget may have been pushed back into the black this week, thanks
to thousands of unclaimed bank accounts and other financial assets that have
fallen into the state's coffers. State Treasurer Denise L. Nappier
reported this week that revenues from unclaimed properties should reach $92
million this fiscal year, $42 million above the level originally projected in
this year's $19.01 billion state budget. http://ctmirror.org/story/8738/unclaimed-properties-give-state-budget-holiday-boost
US Fed lent $3.3tn to multinationals, billionaires and
foreign banks Dominic Rushe in New York guardian.co.uk, Article history US central
bank releases details of thousands of secret loans to global firms as well as
foreign banks and American billionaires The global credit
crunch of 2008 ran deeper and wider than previously disclosed,
forcing the US government to fund firms including General Electric and Toyota,
along with banks and billionaire investors, according to documents released by
the Federal Reserve. Under pressure from
politicians, the US
central bank has released details
of 21,000 transactions it made as the global
economy faced meltdown. Read
complete article at http://www.guardian.co.uk/business/2010/dec/02/us-federal-reserve-bailouts-multinationals?CMP=twt_gu
Connecticut State Republicans Propose The
Connecticut
Taxpayer Protection Act
Ø
Reduce or
eliminate the $185 million in salary increases state employees are scheduled to
receive;
Ø
Reduce
the pay of elected officials and agency heads by 10%;
Ø
Increase
health care co-pays for legislators and legislative staff from $6 to $18;
Ø
Change
state employee pensions from “defined benefit” plans to “defined contribution
plans.”
Ø
Read their full proposal at …. http://www.commonsensecommitment.com/commitment.pdf
REPORT: Millions enter US without
passports, secure IDs... More than
18 months after U.S. Customs and Border Protection
inspectors were supposed to start enforcing stringent ID requirements at the
nation's land borders, millions of travelers are still being admitted without
passports or other secure IDs, a new government audit shows.An
Office of Inspector General
report released Monday found that CBP remains unprepared to fully implement the
Western Hemisphere Travel Initiative,
which officially took effect in June 2009 and requires all travelers, including
U.S. citizens, to carry passports or one of a
handful of other forms of secure ID.In the first
eight months after the requirements took effect, 2.3 million travelers failed
to provide proper paperwork at U.S. land ports of entry. Full story at http://www.chron.com/disp/story.mpl/metropolitan/7348243.html
Office of Inspector General Reports and Resources http://www.dhs.gov/xoig/rpts/
Senate Clears Way for Ratification of
U.S.-Russia Nuclear Weapons Treaty
Things that can make your property taxes go up USAToday Increases in public
employee benefits. The average government employee has benefits that are 45%
higher than their private-sector counterparts, according to the Labor
Department, and thanks to unions and other legally-binding agreements, wages,
pensions and health-care benefits are continually rising, even when the nation
is in a recession and states can't cover the costs. As a result, homeowners are
tapped to make up the difference with property taxes. http://www.usatoday.com/money/perfi/taxes/2010-12-19-property-taxes_N.htm
Special Report: Is America the sick man
of the globe? Reuters "The
recession merely revealed a reality that has been with us for a long time. We
faced a growing gap in education and skills that we tried to fill with debt and
credit, which gave us the illusion of growth." http://www.reuters.com/article/idUSTRE6BF28720101216
A trillion here, A Trillion there…. America’s Debt Crisis
Stimulus price tag: $2.8 trillion NEW YORK (CNNMoney.com) -- Since the recession began three years
ago, Congress has poured a total of $2.8 trillion into the economy in an effort
to spur hiring, get people spending again and prop up industries struggling to
stay afloat. While the $858 billion package of tax cuts passed last week was the
biggest slice of stimulus yet, it accounts for less than a third of
all the money spent since the start of 2008, according to multiple cost
estimates prepared by the nonpartisan Congressional Budget Office over the last
three years.
Where did the money go? Tax
cuts represented the largest spigot opened in an attempt to get cash flowing
into the economy. About $1.3 billion, or 47% of the money spent, came from
reducing taxes for individuals and businesses. Read the complete article at http://money.cnn.com/2010/12/20/news/economy/total_stimulus_cost/
How your smartphone is keeping track of
you: Apps secretly monitor users to target advertising ... http://www.dailymail.co.uk/sciencetech/article-1340107/How-smartphone-keeping-track-Apps-secretly-monitor-users-target-advertising-campaigns.html
Brokerages Will Have to Tell IRS What
U.S. Investors Paid for Their Stocks http://www.bloomberg.com/news/2010-12-21/brokerages-will-have-to-tell-irs-next-year-what-investors-paid-for-stocks.html
Soon the government check won't be in
the mail http://www.lasvegassun.com/news/2010/dec/20/us-government-checks/
Congress Tracker
How much is your congressman raising
for the next campaign and where is it coming from? Which industries are giving
the most to Congress? Find out. http://politics.usnews.com/congress Search by: State | Name | Industry
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CENSUS INFO
• Database: Connecticut Town-By-Town Census Data http://www.courant.com/business/hc-connecticut-2010-census-search-database,0,7474953.htmlpage
2010 census shows slowing US population growth; more House
seats for GOP-leaning states CHARLES BABINGTON,
HOPE YEN Associated Press 4:23 p.m. EST, December 21, 2010 http://www.courant.com/news/politics/sns-ap-us-census-2010-count,0,7323113.story
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Tax Passage Gives U.S. Wealthy Interest-Free Loans for Roth IRA
Transfers http://www.bloomberg.com/news/2010-12-17/tax-passage-gives-u-s-wealthy-interest-free-loans-for-roth-ira-transfers.html
For Brain-Injured Soldiers, Top Quality Care From a
Philanthropist, not the Pentagon by T.
Christian miller, ProPublica, and Daniel Zwerdling, NPR At
Project Share, started by philanthropist Bernie Marcus, brain-injured troops
get cognitive therapy rehabilitation to relearn basic tasks of life —care the
Pentagon's Tricare health plan won't pay for. http://www.propublica.org/article/for-brain-injured-soldiers-top-quality-care-from-a-philanthropist-not-the-p
Related: How Our FOIA Request Was Blocked, and Why We're Still Pursuing It
Full coverage: Brain Wars: How the Military Is Failing Its Wounded
Congress Approves Private Bill To Help Illegal Immigrant A rare private bill recently approved by the United States
Congress will allow an illegal immigrant living in southern California to
remain in the country and become a permanent resident. ….A former San Francisco mayor who
was elected to the Senate in 1992, Feinstein introduced 40% of last year’s private measures, according to a news report that highlights several of the
illegal aliens that she helped evade deportation. Continued at …. http://www.judicialwatch.org/blog/2010/dec/congress-approves-private-bill-help-illegal-immigrant
Rule would promote union rights Dec 21, 2010 (AP) Most private employers would have to
display posters informing workers about their right to form a union under a
proposed federal rule that is bound to please unions and draw the ire of
companies trying to resist labor organizers. http://www.lasvegassun.com/news/2010/dec/21/us-union-rights/
U.S. FCC Adopts Rules for Web Service by AT&T, Comcast Businessweek December 21, 2010,
2:31 PM EST http://www.businessweek.com/news/2010-12-21/u-s-fcc-adopts-rules-for-web-service-by-at-t-comcast.html
Health Insurers Must Justify Premium
Increases of More Than 10 Percent http://www.bloomberg.com/news/2010-12-21/health-insurers-must-justify-premium-increases-of-more-than-10-percent.html
YOU ARE INVITED
By: The Connecticut Lawyers
Chapter of the The Federalist Society for Law &
Public Policy Studies To: A discussion on “Bringing
Terrorists to Justice: The Use of Military Commissions vs. Federal Courts” Featuring: Kevin J. O’Connor,
Partner & Chair, White Collar Practice Group, Bracewell
Giuliani, Former U.S. Associate Attorney General Date: Thursday, January 20, 2011 Time: 8:00 am – 9:30 am Where: The Hartford Club, 46
Prospect Street, Hartford, CT Directions: http://www.hartfordclub.com/About-Us/Directions-and-Parking-16.html Light
breakfast served ($5 charge for
non-students) RSVP: James Donohue, jwdonohue@gmail.com, (860) 424-6287
Deutsche Bank to Pay $554 Million in
Tax Shelter Case Bloomberg
Deutsche Bank AG , Germany’s
largest bank, agreed to pay $553.6 million to avoid U.S. criminal prosecution over
fraudulent tax shelters that generated $29 billion in “bogus” tax losses. http://www.bloomberg.com/news/2010-12-21/deutsche-bank-agrees-to-pay-553-6-million-to-settle-u-s-tax-shelter-case.html
Judge Revokes Ex-Madoff
Aide's Bail, Orders Surrender
Proposal would bar Mo.
personal property tax Dec 21, 2010 11:09 AM ET
By The Associated Press
JEFFERSON CITY, Mo. (AP) — An eastern Missouri man wants voters to
decide whether to bar personal property taxes on vehicles, farm machinery and
manufactured homes. Richard LaViolette, of Fenton,
has proposed a ballot question to amend the state constitution and ban personal
property taxes. He says they're a nuisance and people cannot really own their
property if a tax is levied upon it. The secretary of state's office on Monday
approved a ballot summary. Supporters may now begin collecting signatures to
put the question to a statewide vote in 2012. http://www.bloomberg.com/news/2010-12-21/proposal-would-bar-mo-personal-property-tax.html
Efficiency panel recommends $229M in
savings proposals
By Keith M. Phaneuf
CTMirror.org The panel charged with finding new ways
to streamline state government spending issued a final report today endorsing
new cost-cutting measures worth about $229 million this fiscal year. http://ctmirror.org/story/8722/efficiency-panel-recommends-229m-savings-proposals
'Net Neutrality' Rules Set to Pass The
FCC won support to pass contentious new rules for Internet traffic, a move
likely to face legal challenges and create uncertainty about Internet
regulation. http://online.wsj.com/article/SB10001424052748704610904576032033563531432.html?mod=WSJ_hp_MIDDLETopStories
Banks Look to Profit on Muni-Bond Fears
http://online.wsj.com/article/SB10001424052748704862604576029722777299778.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsSecond
Senators Plan Debt-Reduction Bill http://online.wsj.com/article/SB10001424052748703886904576031954131728840.html?mod=WSJ_hpp_sections_news
Lawmakers propose tying higher
education funding to performance 12/16/2010
By Jacqueline Rabe
CTmirror.org A bi-partisan committee of state legislators is recommending that state
support for its public colleges and universities be tied to performance goals,
such as affordability, graduation rates, and meeting the workforce needs of
employers. http://ctmirror.org/story/8735/lawmakers-recommend-restructuring-how-public-colleges-are-funded-state
Ernst & Young sued for fraud over
Lehman
NEW YORK (Reuters) - Accounting firm Ernst & Young
was sued by New York
regulators on Tuesday, accused of helping to hide financial risks at Lehman
Brothers Holdings Inc before the Wall Street firm's 2008 collapse. http://www.reuters.com/article/idUSTRE6BJ1FP20101221