From: The Federation of
Connecticut Taxpayer Organizations
Contact: Susan Kniep, President
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032
TAX TALK MARCH 31, 2010
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Union Dues Collected by the
State in 2009
$33.1 Million
Why are Connecticut taxpayers
footing the bill to collect union dues from state employees for the
unions? State legislators should cease
this service and require the unions to bill their members directly!
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Congratulations Connecticut
Taxpayers! You rank Number 1! According to the Tax Foundation’s
latest analysis, CT taxpayers work longer to pay their taxes than workers in
other states, specifically 117 days.
Your Tax Freedom Day begins on April 27.
Click to view the Tax Foundation’s Full
Report: http://www.taxfoundation.org/files/sr177.pdf
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With Connecticut taxpayers
taxed to the max, it’s fair to ask if some of the Democrats on the Hill in Hartford have lost their
common sense. After all, there could be no logical reason they would
propose increasing state spending by $373 million while Governor Rell is
focusing on producing a fiscally responsible budget. With the economy in the tank, job losses and
foreclosures reaching an all time high, many of these state legislators are
apparently oblivious to the fact that the State is facing budget deficits of
$500 million in 2010, $760 million in 2011, and nearly $3.9 billion in 2012,
while Connecticut families are struggling to meet the demands of their own
budgets.
Also with their head in the clouds are the State employee
unions who are “insulted” that Governor Rell should ask them for more
concessions.
Well, maybe the Governor should impose the ultimate insult –
a pink slip – and open up these state jobs to the millions of private sector workers
who are standing in the unemployment line, or worse, whose unemployment
benefits have ended and still can’t find a job to sustain their families. Of course, with $33.1 million state employee
dollars added to the union coffers, don’t be surprised to see TV ads by the
state unions telling State legislators to increase state spending.
At minimum, the state legislature should reverse the policy
of state taxpayers paying to collect union dues for union bosses. Legislators should make the unions bill their
members directly, and take taxpayers out of the equation.
State legislators should also not lose sight
of the fact that the State’s long term debt obligation of $61.7 billion is up
7.1% from last year’s reported amount of $57.6 billion, and equates to
approximately $17,628 for every man, woman and child in Connecticut, up $1,002
from last year’s, or that
Taxpayers are financing annual pensions as
high as $250,000.
LIST OF STATE RETIREE PENSIONS
http://www.brainflation.com/wp-content/uploads/2010/02/StatePensions.xls
LIST OF TEACHER/ADMINISTRATOR PENSIONS http://www.brainflation.com/wp-content/uploads/2010/02/TEACHERRetireePensions.xls
If you have had enough of the out-of-control spending by our
State leaders, pick up the phone and call your state representatives. Tell them to cut spending because you have
been Taxed
Enough Already!
http://www.cga.ct.gov/asp/menu/CGAFindLeg.asp
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Also contained in Tax Talk
Ø ADP Says U.S.
Companies Unexpectedly Cut Payrolls
Ø The Coming
Inflation Wave
Ø It's Official - America Now
Enforces Capital Controls
Ø Courts Take On
Campaign Finance Decision
Ø Schwarzenegger gets his furloughs back
Ø Courant: State
Employee Unions Insult Governor Over Concessions
Ø How Lou Lucido Let
AIG Lose $35 Billion With Goldman Sachs CDOs
Ø Gov. M. Jodi Rell
Vows To Veto Democrats' Budget Deficit Plan
Ø Healthcare Debate
Continues
Ø Why Healthcare Reform Can't Work
Ø National Debt Up
$2 Trillion on Obama’s Watch
Ø Social Security to
See Payout Exceed Pay-In This Year
Ø Defaulted Loans
May Haunt Seniors
Ø Measure to abolish
property taxes
Ø Illinois Supreme Court
Rules Against Hospital in Property-Tax Case,
Ø Governor Paterson
Sends Bills to Cap State Spending and Property Taxes
Ø Retail Stores
Closing Doors, First Quarter Roundup 2010
ADP Says U.S. Companies
Unexpectedly Cut Payrolls By Timothy R. Homan
and Courtney Schlisserman March 31 (Bloomberg) -- Companies in the U.S.
unexpectedly cut payrolls in March, according to data from a private report
based on payrolls. The 23,000 decline
was the smallest in two years and followed a revised 24,000 drop the prior
month, data from ADP Employer Services showed today. Over the previous six
months, ADP’s initial figures have overstated the Labor Department’s first
estimate of private payroll losses by as little as 2,000 in February to as much
as 151,000 in November. http://www.bloomberg.com/apps/news?pid=20601087&sid=aSfp5pL7BSTM&pos=2
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The Coming Inflation Wave, Fortune, March 31, 2010, Inflation can be a positive or
negative, depending on the level and duration of it in our economy. The main
negative associated with inflation is a drop in purchasing power of money, and
therefore, consumers. In extreme cases, consumers may actually start hoarding
if they fear continued and aggressive price increases. The positive side of
inflation is to decrease the real value of debt, or essentially provide debt
relief.
http://money.cnn.com/2010/03/30/news/economy/coming_inflation.fortune/index.htm
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It's Official - America Now
Enforces Capital Controls Submitted by Tyler
Durden on 03/28/2010 It couldn't have happened to a nicer country.
On March 18, with very little pomp and circumstance, president Obama passed the
most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act
(H.R. 2487), brilliantly goalseeked by the administration's
millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless
stream of acts destined to expand the government payroll to infinity, nobody
cared about it, or actually read it. Because if anyone had read it, the act
would have been known as the Capital Controls Act, as one of the lesser, but
infinitely more important provisions on page 27, known as Offset Provisions -
Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the
Provision requires that foreign banks not only withhold 30% of all outgoing
capital flows (likely remitting the collection promptly back to the US
Treasury) but also disclose the full details of non-exempt account-holders to
the US and the IRS. Continued at the bottom of the page at …. http://www.zerohedge.com/article/its-official-america-now-enforces-capital-controls
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Courts Take On Campaign
Finance Decision By ADAM LIPTAK NYTimes, March 26, 2010 WASHINGTON — Two federal courts here issued
decisions on Friday addressing the impact of Citizens United, January’s big Supreme Court campaign finance ruling, on a new
issue — whether the government may constitutionally restrict the size of
contributions to groups that spend money to support political candidates. One
court said that individual contributions to advocacy groups known as 527s may
not be limited. Another said that contributions to political parties can,
though it said it was aware the resulting playing field might not be a level
one. Stephen M. Hoersting, a lawyer for the winning side in the first case,
said the ruling represented a logical and welcome extension of Citizens United.
“The court affirmed,” Mr. Hoersting said in a statement,
“that groups of passionate individuals, like billionaires — and corporations
and unions after Citizens United — have the right to spend without limit to
independently advocate for or against federal candidates.” http://www.nytimes.com/2010/03/27/us/politics/27campaign.html
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Schwarzenegger gets his furloughs back McClatchy, A
San Francisco appellate court applied the brakes Tuesday to a judge's order to
end "Furlough Fridays" for tens of thousands of state workers,
keeping furloughs in place. The 1st District Court of Appeal's decision
temporarily maintains Gov. Arnold Schwarzenegger's furlough policy for
employees in about 70 state departments who were supposed to resume a regular
work schedule this week. http://www.mcclatchydc.com/2010/03/31/91362/schwarzenegger-gets-his-furloughs.html
*************************
Hartford
Courant Editorial: State Employee Unions Insult Governor Over Concessions RELL PROPOSAL
• Response was demeaning and blind to budget realities March 25, 2010 Shame on the 14 state union leaders who
responded with a hostile diatribe this week to Gov. M. Jodi Rell's request for more concessions. It was
unworthy of the representatives of working people. The tone of their letter was
insulting and unacceptable and won't win the unions any friends. …..Clearly,
state employees are going to have to play a continuing part in solving this
daunting fiscal problem.
http://articles.courant.com/2010-03-25/news/hc-unions-reject-concessions.artmar25_1_state-workers-mrs-rell-union
*************************
How Lou Lucido Let AIG Lose
$35 Billion With Goldman Sachs CDOs By Bob Ivry
and Jody Shenn March 31 (Bloomberg) -- Joseph Cassano insisted American International Group Inc. would be
fine. The insurer had quit guaranteeing
securities tied to U.S. subprime loans in 2005, before lenders got reckless,
the head of AIG’s derivatives unit told investors on Dec. 5, 2007, as home prices plummeted and mortgage losses
mounted. http://www.bloomberg.com/apps/news?pid=20601109&sid=arFjbsBO7BS8&pos=10
*************************
Gov. M. Jodi Rell Vows To
Veto Democrats' Budget Deficit Plan By CHRISTOPHER KEATING March 27, 2010
HARTFORD — - Gov. M. Jodi Rell announced late Friday night that she
would veto a Democratic plan to erase this year's budget deficit, saying it
includes too many tax increases and not enough spending cuts. Rell's statement
came after daylong delays at the state Capitol as the finishing touches were
being placed on the plan, which would slash state spending, lay off certain
high-level state employees and mandate two more unpaid furlough days for
non-union state employees. But it would
also negate a number of spending cuts Rell had proposed, and delay a cut on
estate taxes for wealthy families — a cut Rell has championed. http://www.courant.com/topic/hc-2-state-budget-0327.artmar27,0,4938291.story
*************************
Healthcare Debate Continues
http://voices.washingtonpost.com/health-care-reform/
Why Healthcare Reform Can't Work, By William
Tucker , American Spectator, http://spectator.org/archives/2010/03/22/why-healthcare-reform-cant-wor/
Plurality Approves of Health
Care Reform Passage, but Not Enthusiastically,
Forty-nine percent of Americans say that Sunday's passage of comprehensive
health care reform was a "good thing" while 40 percent disagreed,
with 11 percent undecided, according to a Gallup poll conducted March 22. http://www.politicsdaily.com/2010/03/23/plurality-approves-of-health-care-reform-passage-but-not-enthus/
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NATIONAL DEBT UP $2 TRILLION
ON OBAMA'S WATCH The latest posting from the
Treasury Department shows the National Debt has increased over $2 trillion
since President Obama took office. The debt now stands at $12.6 trillion. On
the day Mr. Obama took office it was $10.6 trillion. President George W. Bush
still holds the record for the most debt run up on his watch: $4.9 trillion.
But it took him over four years to rack up the first two trillion dollars in
debt. It has taken Mr. Obama 421 days.. http://www.cbsnews.com/8301-503544_162-20000576-503544.html
*************************
Social Security to See Payout
Exceed Pay-In This Year By MARY WILLIAMS WALSH, NYTimes, 3/24/2010, The bursting of the real estate bubble and
the ensuing recession have hurt jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes,
an important threshold it was not expected to cross until at least 2016,
according to the Congressional Budget Office. Stephen C. Goss, chief actuary of the Social Security Administration, said that while
the Congressional projection would probably be borne out, the change would have
no effect on benefits in 2010 and retirees would keep receiving their checks as
usual. The problem, he said, is that
payments have risen more than expected during the downturn, because jobs
disappeared and people applied for benefits sooner than they had planned. At
the same time, the program’s revenue has fallen sharply, because there are
fewer paychecks to tax. Continued at …. http://www.nytimes.com/2010/03/25/business/economy/25social.html
*************************
DEFAULTED LOANS MAY HAUNT
SENIORS Social Security benefits are off-limits
to creditors, such as credit card companies and banks. But the U.S.
government can collect debts to federal agencies by "offsetting," or
withholding Social Security and disability payments, says the Wall Street
Journal: http://www.ncpa.org/sub/dpd/index.php?Article_ID=19147
*************************
Measure to abolish property
taxes …A proposed constitutional amendment would abolish property taxes in
North Dakota, starting in 2012. BISMARCK (AP) —
A proposed constitutional amendment would abolish property taxes in North
Dakota, starting in 2012. The measure says the Legislature would have to
replace local governments’ property tax income with state tax revenues.
Lawmakers would have to come up with a method for providing state funds to
local governments. Backers of the measure submitted an initiative petition to
Secretary of State Al Jaeger’s office on Wednesday. Jaeger will review the
proposal and approve the petition for circulation. The measure will need almost
26,000 petition signatures by Aug. 4 to get on the November ballot. Robert Hale
of Minot is one of the measure’s sponsors. He said the property tax is the most
unfair type of tax and getting rid of it will promote economic growth. http://www.jamestownsun.com/event/article/id/107219/group/News/
*************************
Illinois Supreme Court Rules
Against Hospital in Property-Tax Case,
3/18/2010, In a legal battle being
monitored nationally, the Illinois Supreme Court has ruled that state officials
were right to revoke the Provena Covenant Medical Center's exemption from
property taxes because the hospital did not provide enough charity care, writes
Crain's Chicago Business. An appellate court was correct "that the
record was inadequate to demonstrate that Provena was a charitable
institution," the Illinois Supreme Court said in a statement. The Supreme
Court's decision about the status of the hospital, in Urbana, will be closely
scrutinized by hospital and government officials across the country as debate
continues over how best to quantify the charity care provided by nonprofit
hospitals in exchange for tax exemptions. In 2003 Champaign County tax
officials removed the hospital's tax exemption, saying the amount of money the
facility spent on "charitable activities" fell short. http://philanthropy.com/blogPost/Illinois-Supreme-Court-Rules/21912/
*************************
Governor Paterson Sends Bills
to Cap State Spending and Property Taxes; "Let New Yorkers, Not Albany,
Decide" Governor David A. Paterson today submitted
legislation that would impose long-term fiscal discipline in New York State and
ease the crushing property tax burden on New York homeowners. The first bill is
a Constitutional amendment to cap the annual growth of State spending, which
would bring expenditures in line with revenues and end the habit of excessive
and unsustainable spending in Albany. The second bill would create a property
tax cap, limiting the amount of real property taxes that school districts,
counties, cities, towns, villages, special districts and fire districts can
levy, and providing relief to taxpayers across the State.
"Albany
has spent beyond its means for decades. This has resulted in a fiscal crisis
with a more than $60 billion structural deficit over the next four years, and
exorbitant property tax bills that have forced many New Yorkers to leave the
State," Governor Paterson said. "We will need to address our current
budget deficit through tough choices and spending cuts. But we also have a
responsibility to correct mismanagement in government, demonstrating to all New
Yorkers that we can restrain our appetite for spending and help ease their tax
burden. If the Legislature works with me now, we can prevent this kind of crisis
for future generations." http://readme.readmedia.com/Governor-Paterson-Sends-Bills-to-Cap-State-Spending-and-Property-Taxes-Let-New-Yorkers-Not-Albany-Decide/1204589
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Retail Stores Closing Doors,
First Quarter Roundup 2010
posted: 16 HOURS 10 MINUTES AGO Announcements continue to
roll in from retailers that have decided to close stores, slow expansion plans
or cease operations altogether.From Ann Taylor to Waldenbooks, we update our
ongoing roundup with the latest news from the first quarter of 2010. Read on to
see which retailers are closing (at least some) of their doors. http://www.walletpop.com/article/retail-stores-closing-doors/968054?icid=main|htmlws-main-n|dl5|link3|http%3A%2F%2Fwww.walletpop.com%2Farticle%2Fretail-stores-closing-doors%2F968054