From The Federation of Connecticut Taxpayer Organizations
Contact Susan Kniep
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032
June 15, 2011
Wisconsin Anti-Union Law To Take Effect
MADISON, Wis. — The Wisconsin Supreme Court handed Republican
Gov. Scott Walker a major victory on Tuesday, ruling that a polarizing union
law that strips most public employees of their collective bargaining rights
could take effect.In a 4-3 decision that included a
blistering dissent, the court ruled that Dane County Circuit Judge Maryann Sumi overstepped her authority when she declared the law
void. Sumi had ruled that Republican lawmakers
violated the state's open meetings statutes in the run-up to passage of the
union legislation. Continued at …. http://www.huffingtonpost.com/2011/06/14/wisconsin-union-law-_n_877095.html
US Is in Even
Worse Shape Financially Than Greece: Gross 13 Jun 2011 | By: Jeff
Cox CNBC.com Staff Writer When adding in all of the money owed to
cover future liabilities in entitlement programs the US
is actually in worse financial shape than Greece and other debt-laden
European countries, Pimco's Bill Gross told CNBC
Monday. Much of the public focus is on the nation's public debt, which is $14.3
trillion. But that doesn't include money guaranteed for Medicare, Medicaid and
Social Security, which comes to close to $50 trillion, according to government
figures. The government also is on the hook for other debts such as the
programs related to the bailout of the financial system following the crisis of
2008 and 2009, government figures show. Taken together, Gross puts the total at
"nearly $100 trillion," that while perhaps a bit on the high side,
places the country in a highly unenviable fiscal position that he said won't
find a solution overnight. Complete report at …. http://www.cnbc.com/id/43378973
IMPORTANT READING…..EBRI Study: Retiring at 65 out-of-reach
for many Americans, 80+ more realistic HULIQ.com Many Americans will still be looking forward
to retirement at age 80, a new study from the Employment Benefit Research
Institute indicates. According to the
EBRI model, to give 90 percent of households a 50 percent probability of
success in the lowest pre-retirement income levels, retirement would have to be
deferred to age 84. To achieve a 70 percent probability of success in the
lowest pre-retirement income levels, only 2 of 5 households will be able to do
so by age 84. And, increasing that probability to 80 percent lowers the number
of households to only 1 of 7 by age 84. Contribution
to retirement plans during the pre-retirement years makes a significant
difference at any retirement age, indicates the EBRI report: Continued at ….. http://www.huliq.com/10473/ebri-study-retiring-65-out-reach-many-americans-80-more-realistic
Yankee Institute Details
77 Higher Taxes for Connecticut
High Court Upholds Legislators' Ethics Law By JESS BRAVIN June 14, 2011 Wall St Journal The Supreme
Court Monday upheld a Nevada state law barring legislators from voting when
they have a personal interest in the outcome, rejecting arguments that such
ethics rules infringe on lawmakers' First Amendment rights. Citing ethics
standards dating to 1789, when the first Congress adopted a
conflict-of-interest rule, Justice Antonin Scalia's court opinion said a legislator's vote wasn't a
form of personal speech. Rather, it was "his apportioned share of the
legislature's power" and thus subject to regulation in a way that
individual expression was not, he said. The decision marks a setback for some
conservative activists who have been fighting to expand the legal definition of
"speech" and impose constitutional limits on ethics regulation. In
last year's Citizens United case, the Supreme Court endorsed the view that
spending by corporations and unions to influence elections is a form of speech
that enjoys First Amendment protection. In a 5-4 ruling in January 2010, the
court nullified decades of state and federal restrictions on corporate
political spending. Continued at …. http://online.wsj.com/article/SB10001424052702303714704576383593580194506.html
US lawmakers seek reforms of
anti-corruption rules By Andrea Shalal-Esa WASHINGTON, June 14 (Reuters) -
The Obama administration defended its stepped up
enforcement of a U.S. law banning bribery of foreign officials, and warned
lawmakers that changes could open loopholes for wrongdoers. "Foreign
corruption remains a problem of significant magnitude," Greg Andres,
deputy assistant attorney general in the Justice Department's criminal
division, told the House Judiciary Committee's subcommittee on crime, terrorism
and homeland security. "The problem is as big as it's ever been, if not
bigger," Andres said, citing a World Bank estimate that more than $1
trillion in bribes are paid each year, amounting to about three percent of the
overall world economy. Continued at …. http://www.reuters.com/article/2011/06/14/usa-bribery-idUSN1424118220110614
Report: Many weapons used by Mexican drug gangs originate in
U.S. June 14, 2011 CNN A trio of Democratic U.S. senators called for
tougher firearms laws and regulations after releasing a report that showed a
large number of weapons used by Mexico drug gangs originate north of the
border. More than 70% of 29,284 firearms submitted to the U.S. Department of Alcohol, Tobacco, Firearms
and Explosives for tracing by the Mexican government during 2009 and 2010
originated in the United
States, according to the report. The report,
released Monday, is the latest element in a debate over how large a role the United States
plays in arming the ruthless Mexican drug cartels that are responsible for more
than 34,000 killings since 2006. Read
complete article at
http://articles.cnn.com/2011-06-14/us/mexico.guns_1_mexican-drug-drug-cartels-drug-gangs?_s=PM:US
US Housing
Crisis Is Now Worse Than Great Depression By: Jeff Cox CNBC.com Staff Writer June 14, 2011 It's
official: The housing crisis that began in 2006 and has recently entered a
double dip is now worse than the Great Depression.
Prices have fallen some 33 percent since the market began
its collapse, greater than the 31 percent fall that began in the late 1920s and
culminated in the early 1930s, according to Case-Shiller
data. The news comes as the Federal Reserve considers whether the economy has
regained enough strength to stand on its own and as unemployment
remains at a still-elevated 9.1 percent, throwing into question whether the
recovery is real. Continued at …. http://www.cnbc.com/id/43395857
More transparency needed at Capitol | Hartford Business
http://www.hartfordbusiness.com/article.php?RF_ITEM[]=Article$0@18808;Article&css_display=print
When Smoke Clears: Tax Hikes,
A Sham Budget, A Shady Deal Kevin Rennie NOW YOU KNOW June 12, 2011
Now we wait. The supine General Assembly enacted Gov. Dannel P. Malloy's plan to preserve the size and scope
of state government under the guise of economic development. A vast tax
increase, some of it retroactive, will fund a budget that continues to grow. The
hard part is ahead: results. Those will be harder to fake than balancing the
budget. The talk about banishing gimmicks from the state's finances did not
last long. What Malloy and legislative leaders had hailed in May as a historic
$1.6 billion concession agreement with state employee unions degenerated into so
much smoke upon examination that mirrors became unnecessary in creating
illusions. Read complete article at
http://www.courant.com/news/opinion/hc-op-rennie-legislature-budget-mallo20110612,0,4247254.column
One step forward, two back - Tax increases, economic
development initiatives send mixed messages to CT business By Greg Bordonaro
and Brad Kane
gbordonaro@HartfordBusiness.com bkane@HartfordBusiness.com
Today Connecticut wants to attract and grow businesses, and tax them like crazy. The state’s
business community seems confused and disappointed by this year’s General
Assembly legislative session. On one hand, lawmakers passed several sweeping
economic development initiatives to grow jobs and attract companies. On the
other hand, record tax increases and a controversial paid sick leave measure
are leaving behind serious concerns about the future growth of the state’s
private sector. http://www.hartfordbusiness.com/news18908.html
State to Amazon: You still have to collect sales tax
By Keith M. Phaneuf
Amazon.com and other online retailers have severed their Connecticut business
ties, rather than accede to a new state law that will require any online company
with a physical presence in the state to collect the sales tax. But now, it
seems, the taxman cannot be so easily dodged. http://www.ctmirror.org/story/12941/state-tries-collect-online-retailers-they-sever-ties-connecticut
Amazon cuts ties with CT affiliates By Brad Kane bkane@HartfordBusiness.com Online retailer Amazon cut ties with its
Connecticut advertising affiliates today, as a result of a new tax state
lawmakers passed as part of the two-year budget agreement. In a letter to its
advertising affiliates, Amazon said it would immediately cease its Amazon
Associates Program in Connecticut
because of a the new tax. The provision, better known
as the Amazon Tax, requires online retailers to collect a 6.35 percent sales
tax from online sales, even if they don't have a physical presence in the
state, as long as they enter into advertising relationships with
Connecticut-based Web sites. Read complete article at http://www.hartfordbusiness.com/article.php?RF_ITEM[]=Article$0@18933;Article
Tom Foley: Outdated policies invite a Connecticut crash - Tom Foley was the
Republican candidate for governor of Connecticut
in 2010. Publication: The Day 06/12/2011 12:00 AM The facts are clear and simple. Spending in
the general fund is budgeted to go up next fiscal year by over $450 million, an
increase of 2.5 percent over this year. The governor's "deal" with
state workers' unions includes no reduction in either the number of state
workers or the overall cost of the state workforce. Gov. Malloy and the
Democratic majority are closing this entire budget deficit with increased taxes
amounting to more than $2.5 billion. These big tax increases will raise Connecticut's already
high cost of living. Most of the increase in taxes will fall on middle-income
households. Connecticut
households in 2013 will pay on average more than $2,000 more in state taxes
than they did last year. With average household income at $68,000, Connecticut's
middle-income families will have to again cut back spending to meet their heavy
new tax burden, further hurting an already weak economy. Read complete article at http://www.theday.com/article/20110612/OP05/306129949/1070/NWS13
Libya war costs US taxpayers $2m a day and still no Gaddafi
...
The billion dollar war? Libyan campaign breaks Pentagon estimates
costing U.S.
taxpayers $2 million a day http://www.dailymail.co.uk/news/article-2001778/Libya-war-costs-US-taxpayers-2m-day-Gaddafi.html
AP Data Show States' Budget
Challenges Differ; Combined Unfunded Retirement Liabilities Exceed $1 Trillion (Erik Schelzig / Associated Press) http://www.google.com/hostednews/ap/article/ALeqM5g2brESS2FZL8kAQNX98V96f1IWmA?docId=228f91244a11452da264225585de7aa3
U.S. Underwrites Internet
Detour Around Censors NYTimes By JAMES GLANZ
and JOHN MARKOFF Published: June 12, 2011 The Obama
administration is leading a global effort to deploy “shadow” Internet and
mobile phone systems that dissidents can use to undermine repressive
governments that seek to silence them by censoring or shutting down
telecommunications networks. Read full report at http://www.nytimes.com/2011/06/12/world/12internet.html?_r=1
Government Causes Poverty John Stossel June 13, 2011 http://www.foxbusiness.com/on-air/stossel/blog/2011/06/13/government-causes-poverty-0?amp
News from THE HILL http://thehill.com/
Boehner demands that Obama provide
legal basis for Libya mission
House panel approves $11 billion increase in defense spending
Bernanke: Debt limit hike is not optional
Group files ethics complaint against Boehner over DOMA
defense
Send this one back where it
came from
BY GLENN GARVIN Ggarvin@miamiherald.com
Neither snow nor rain nor
gloom of night stays the U.S.
Postal Service from its appointed rounds, as long as it gets a giant bailout.
Largely reduced to a delivery service for subsidized junk mail, crippled by
sweetheart deals with its labor unions, the Postal Service is a good candidate
for the dead-letter box. Instead, its managers are frantically lobbying for a
federal bailout nearly twice the size of the one General Motors got. Make that two
bailouts.
The Postal Service is not
only trying to sneak a direct $75 billion payment out of the government without
congressional approval, it’s also asking to be let off the hook for a $5.5
billion payment into a trust fund to guarantee the absurdly generous pension
benefits it has promised its retirees. When the
Postal Service can’t pay those benefits a few years down the line, who do you
think will get the bill? Hint: Look in the mirror. Continued at….. http://www.miamiherald.com/2011/06/06/2254104/send-this-one-back-where-it-came.html
Three hedge-fund traders were convicted on all
charges of fraud and conspiracy, in the latest
victory for prosecutors cracking down on insider trading. The verdict came
about a month after Galleon founder Raj Rajaratnam was found guilty in a separate but related case.
Shahien Nasiripour: Bank Of America
'Significantly Hindered' Federal Investigation,..., U.S. Official
Says NEW
YORK -- Bank of America, the largest U.S. bank by assets, "significantly
hindered" a federal investigation into the firm's faulty foreclosure
practices on potentially billions of dollars worth of taxpayer-backed loans, a
federal auditor told an Arizona court.
The bank withheld key documents and data, prevented
investigators from interviewing bank employees or asking certain questions, and
was slow to provide information, according to a June 1 declaration by William
W. Nixon, a fraud examiner and assistant regional inspector general for audit
for the U.S.
Department of Housing and Urban Development inspector general's office. Complete article at http://www.huffingtonpost.com/2011/06/13/bank-of-america-significantly-hindered-federal-investigation_n_876408.html
S&P cut its ratings on Greece's debt by three notches, citing risks that negotiations over a new
bailout package could result in default.
Courtney, Himes demand Weiner resign over Twitter scandal
By Deirdre Shesgreen
Seniors on Medicare face cost barrier for cancer meds By RICARDO
ALONSO-ZALDIVAR The Associated Press ...
WASHINGTON — Chemotherapy is now available in a pill, but if you have
Medicare, you may not be able to afford it. That’s what happened to Rita Moore
when she took her prescription for a medication to treat kidney cancer to her
local drugstore. She was stunned when the pharmacist told her a month’s supply
of the pills would cost $2,400, more than she makes. Medicare prescription plans that cover
seniors like Moore are allowed to charge steep copayments
for the latest cancer drugs, which can cost tens of thousands of dollars a
year. About 1 in 6 beneficiaries are not filling their prescriptions, according
to recent research that suggests a worrisome trend. Complete article at ….. http://southtownstar.suntimes.com/business/5940692-420/seniors-on-medicare-face-cost-barrier-for-cancer-meds.html