Wednesday, March 30, 2011

How Do We Define Connecticutax Shared Sacrifice?

I am fascinated by the concept of shared sacrifice for the working class of Connecticutax. It is an amazing concept to read about and listen to our elected officials talk about. It is amazing to hear the Connecticutax Democratic Super Majority in Hartford explain to those people who work in our state what shared sacrifice is. To me it is a simplistic economic concept, it means to continue to increase taxes for those who work and do business in our state and then redistribute it to those who are state elected officials and workers in the form of above average wage, benefits and pensions.
Shared sacrifice is not part of our elected officials or workers vocabulary. It means instead to continue the economic status quo of excessive spending and taxation coupled with excessive state employee benefits especially for those in power. It means that those who continue to work in our state will support to an even larger degree the economic insolvency that the Connecticutax Democratic Super Majority in Hartford has helped to nurture, develop and refine over the past 25 years.
I am truly fascinated by this concept and how this elite ruling class has exempted themselves from it-sort of like getting more money in your pension through mileage reimbursements. And I forgot our auditors overlooked that! Thats ok, what's another $10,000 wasted of taxpayer's monies?

Monday, March 28, 2011

Look At The Shared Sacrifice Of The Ruling Elite In Hartford

We must overlook the missed shared sacrifice of Mr. Malloy and the $8.5 million dollars of taxpayer's monies he took in matching funds for his campaign.

And we must also overlook the shared sacrifice of the states recently retired top two auditors.
Equal to blame from both parties as quoted from 3/27/11 Kevin Rennie-Hartford Courant Now You Know Column The two auditors who held the job for nearly 20 years, Republican Robert Jaekle and Democrat Kevin Johnston, retired late last year. According to the Office of the State Comptroller, based on their "three high year earnings," Jaekle receives "an estimated retirement benefit" (translation: pension) of $137,640 a year. Johnston receives a pension estimated at $160,800 a year.

Please keep in mind that the auditors are the crack troops of fiscal prudence. A portion of those generous pensions includes mileage. Again from the comptroller, "The average of Mr. Johnston's three high year earnings included $10,450.92 attributable to reportable mileage. The average of Mr. Jaekle's three high year earnings included $11,427.82 attributable to reportable mileage."

Now that is real shared sacrifice upon two individuals who were guarding the states finances. Let us see how much we can rip taxpayers off now. How from an accounting auditing perspective can mileage be counted towards a pension? How from an audited accounting perspective can this be allowed? And what is the concept of shared sacrifice? What a bunch of shared lies coming out of Hartford.

Sunday, March 27, 2011

Yes Higher Taxes Solve Everything

Stupid me. I did not realize that higher taxes solve every problem on a state level. Just when I thought I knew a great deal about economics by studying and teaching it for the past 37 years, I never realized that politicians are right when they state that higher taxes solve everything. It is kind of like when Lowell Weicker stated that the new founded State Income Tax would solve all of Connecticut's fiscal problems. So twenty years later we have a budget deficit of $3.6 billion dollars and state spending has doubled over that same twenty years period. Just as a side, the state population continues to fall. Thus twenty years later the state now spends 100% more on less citizens and still is in the hole by $3.6 billion dollars. And here is another fact that the Connecticut Democratic Super Majority does not want you to know: 49.3% of all state revenue is made up by the state income tax (only ranked #2 in the country) and 40% of all income tax receipts are paid for by the top 1% of the income earners (those making $500,001 and more). And I see that the Connecticut Democratic Super Majority wants to increase that figure even more to solve all of their fiscal worries and continue to spend wastefully and foolishly as they have done for the past twenty years.
What economic illiteracy. Continue to tax the supposed rich even more so that more will move out of state and the burden will fall on the remaining overtaxed citizens of the state. Rather than cutting spending once and for all and lowering taxes, the Connecticut Democratic Super Majority wants that Number 1 ranking in taxes in the country.
Taxpayers can shout with glee, "We're #1, we're #1". And will not be for basketball any more-get use to those empty basketball game seats, taxpayers can no longer afford the games, only higher taxes as the Connecticut Democratic Super Majority wants us to have. How ignorant of me, higher taxes solve everything in Connecticut. But one day coming quickly taxpayers will say no to this economic madness.

Wednesday, March 23, 2011

Why Don't You Just Cut Spending In Hartford?

I do not know, has this concept been tried in Hartford? Has Mr. Malloy and his fellow Super Democratic Majority considered cutting spending rather than raising the following taxes:
Income tax: Increases income taxes on individuals making more than $50,000 a year and couples making more than $100,000 a year; increases the highest income tax rate from 6.5 to 6.7 percent; eliminates the 3% bracket on an individual’s first $10,000 in earnings and a couple’s first $20,000 for those making more than $56,500 and $100,500, respectively; expands the number of brackets from 3 to 8.
Sales tax increase: Increases the state sales tax from 6 percent to 6.25 percent and to 6.35 percent at retail locations.
Sales tax expansion: Applies the sales tax to now-exempt items such as hair cuts, car washes, and clothing and footwear that costs less than $50.
Eliminates Sales Tax Free Week
Property tax credit elimination: Eliminates the existing $500 property tax credit for the middle class.
Cigarette tax: Raises taxes on cigarettes by 40 cents a pack, from $3.00 to $3.40; increase tax on snuff from 40 cents to $1 per ounce; increases tax on other tobacco products from 20% to 50% of wholesale price
Alcohol tax: Raises taxes on alcohol by 20 percent (tax on distilled spirits goes from $4.50 a gallon to $5.40; tax on beer goes from 20 cents a gallon to 24 cents; tax on wine goes from 60 cents a gallon to 72 cents)
Gas tax: Increases the state gas tax from 25 cents a gallon to 28 cents a gallon; and diesel fuel from 26 to 28 cents a gallon.
Earned Income Tax Credit: Increases state spending by more than $100 million though a new, negative income tax of up to $1,700 for low income households that earn less than about $21,500 a year from their jobs.
Death Tax: Lowers the estate tax exemption from $3.5 million to $2 million, making more of an estate subject to the estate tax, which starts at 7.2% and rises to 12%, over and above the federal death tax.
Hotel tax: Increases the sales tax on hotel stays from 12 percent to 15 percent.
Corporate tax: Extends a 10 percent corporate profits tax surcharge on large businesses for two more years; establishes “throw back” rule expanding their income subject to state taxation.
Luxury sales tax: Applies an additional luxury sales tax of 3 percent on clothing over $1,000, jewelry over $5,000, vehicles over $50,000, and boats over $100,000.
Driver’s license: Increases the driver’s license tax from $66 to $72, good for 6 years ($1 a year increase).
Car registration tax: Rises from $75 to $80 biennially.
Care rental tax: Rises from 8 percent to 9 percent.
Insurance premiums tax: Increases the insurance premium tax from 1.75% to 1.95%.
Health facilities: Raises taxes on hospitals, nursing homes, and intermediate care facilities for the mentally retarded, in an effort designed to trigger federal reimbursements.
Energy tax: Establishes a new tax of 2/10ths of a cent per kilowatt on electricity generated in Connecticut , with a special interest exemption for favored “green” energy producers.
Real estate conveyance tax: Makes permanent a .25% real estate tax and expands an optional conveyance tax.
Cabaret tax: Creates a new cabaret tax of 3%.
Admissions & Dues Tax: Eliminates exemptions from the 10% tax on admissions to certain places of “amusement, entertainment, or recreation” (eg, New Britain Rock Cats home games, events at the Hartford Civic Center ).
Boat tax: Taxes boats at a statewide rate of 20 mills.
Airplane tax: Taxes airplanes at a statewide rate of 20 mills.
Film Tax Credit: Decreases tax credit transferability to 50%, then 25%, against the corporate tax.
Sales Tax Exemptions Eliminated
Pet grooming services
Automotive storage
Boat services (docking, storage, cleaning, repair, tow)
Packing & crating
Car washes
Automobile road and towing services
Limousine services (with driver)
Labor charges -repair of small aircraft
Clothing and footwear under $50
Non-prescription drugs
Manicure and pedicure services
Eliminate trade-ins exemption for auto vehicles
Eliminate exemption for coupons, discounts, trade-ins
Airport valet parking services
Cosmetic surgery
Yoga Studios
Cloth and fabric purchase for non-commercial sewing
Hazardous waste removal
Eliminate exemption for solid waste to energy facilities
(Cited From The Federation of Connecticut
Taxpayer Organizations, Inc. Susan Kniep, President

I do not know I guess it much more fun just to raise taxes in Hartford rather than face the economic reality that higher taxes would further inhibit economic growth and job creation in the state. It will continue to worsen the business climate in the state. It will continue to accelerate the young people leaving our state for better economic opportunities elsewhere. It will continue the politics as usual which the Super Democratic Majority embraces. I do not know how higher taxes solve anything at all. Just more of the lies of Hartford.

Sunday, March 20, 2011

Where Is The Presidential Leadership?

Or how many more crisis will Mr.Obama avoid? And why does he have to travel so much at taxpayers expense knowing we have a $14 trillion dollar national debt? Does he receive that many votes from foreigners voting in our upcoming Presidential election in 2012? By not saying anything about the Middle East, excessive inflation, the national debt, his irrational national health care plan or the new energy crisis does he really think he will receive more votes that way? Will he really raise that much more money by avoiding all situations where he must make a decision? Can he make a decision? Is the mood of hope and change long gone? Was it made up by a loving media? Was there any leadership at all with massive spending programs being rammed down taxpayers pocketbooks with no dialogue or discussion? Are we really better off in 2011 or have we set back our economy years with misguided, economically illogical spending programs?
Will we be able to recover as an economy in 2013 with a new President and Congress who actually lead and make coherent economic decisions? I trust that we will be better off with a massive change in Washington, but for now the silence is deafening. And America needs to be a leader again in world and economic affairs once again. Those who are willing to give their lives for freedom can't wait any longer.

Tuesday, March 15, 2011

Where Are Connecticut's Jobs?

I do not know I can't find them. Where are Connecticut's Jobs? I have looked everywhere. I have looked for them from all of the business and industries that have moved out of state. I have looked for them in the State Attorney General/New US Senator offices. I have looked for them through the massive amount of paid lobbyists in Hartford. I have looked for them in the Democratic Super Majority offices. I have looked for them in all of the tax laws that we have here. I have looked for them in the new state budget which increases spending another 2.4%. I have looked for them in all of the unfunded liabilities that the state has to pay in the future. I have looked for them in the state university system. I have looked for them through new tolls and taxes that are coming to our state. I have looked for them following all of the young people who are and have moved out of state. I keep looking for them and I can't find them. I guess I am looking for them in all of the wrong places. I guess I am looking for jobs from the economically illiterate sector of our economy, Hartford. I can't find them, I can not find those jobs. But I can find high taxes, oppressive business regulations, losses of our best and brightest moving out of state,coming instate tuition for illegal immigrants, coming repeal of the death penalty, losses of business and industries due to high taxes, high transportation costs, high workers compensation costs and future massive unfunded liabilities. Where Are Connecticut's Jobs? Lost and gone forever?

Sunday, March 13, 2011

What Leadership?

I look at Wisconsin and their government in amazement. Limits in public sector union power, lower state spending, lower taxes in some cases, local governments being given more rights and less mandates and a Democratic party which shows absolutely no values, leadership, or abilities to govern. I see a powerful Governor who is willing to make decisions which will move his state forward with a stronger economy and economic growth for the future. A state which leads by example.
Do you see any of this in Connecticut? Public sector unions whose power should be questioned, higher state spending, much higher taxes, more local unfunded mandates and also a Democratic party which shows absolutely no values, leadership, or abilities to govern. I do not see a powerful Governor who is willing to make decisions which will move his state forward with a stronger economy and economic growth for the future. A state which leads by economic illiteracy is what we have instead.
What leadership? I see none in Connecticut.

Wednesday, March 09, 2011

More Of The Same

Hartford is just more of the same. Where is the new economic thought? Where are the economic dynamics to transform Connecticut's economy into a robust and vibrant entity? Where are the cuts to state spending? Where are the lessening of state regulations and laws which negate economic growth and prosperity in our economy? Where is the leadership economically?
In my economic opinion all I can see is more of the same, excessively high spending with now even higher taxes on everything purchased plus some new tolls thrown in. Why? What does the Malloy plan create and prove? More of the same. More of our best and brightest moving out. More of our business and industry moving out. More special interest lobbying groups dictating to taxpayers what they can and can not have. More social welfare spending which does nothing to empower those in our economy. More stale rhetoric by misguided economically illiterate paid professional politicians in Hartford.

Saturday, March 05, 2011

The Confusion Of Higher Taxes In Connecticut

Politicians seemed to be confused by higher taxes. As being non productive members of our economy and society, politicians especially here in Connecticut, believe that higher taxes solve all problems. Their confusion stems from the fact that they are part of the larger problem in our state economy, they produce and contribute virtually nothing to our well being and economic growth to our economy. They instead entrap and trick our productive members of our economy to be enslaved in a quasi sociological-political-economic-legal system which does little to empower those who have less and takes away from those who are productive. Those who are productive work hard for a living, developing productivity to make the economy run and pay an excessive amount of taxes to support an out-of-balance state government which elevates those who work for it with massive salaries and benefits. These same salaries and benefits are earned by a minority of the population of our state. Approximately 100,000 full and part time workers in a state of 3,500,00 people. You can do the math, .028% of the population. Thus .028% are allowed to dictate what the other 97.2% can and can not have. Is there excess and waste in this area? Those who have less or are poor in political terms enjoy many free things granted by these same ruling politicians and are paid for by those who are productive in our state economy. They have little if any incentive to end these freebies granted to them by our non productive politicians because votes can be bought in this manner legally.
Thus we have a continuing dilemma, how to keep this small ruling political and union elite in power in Hartford and paid for by those who are productive. How we can tax them even more to keep unions comfortable and the Super Democratic Majority unaccountable for their poor and disgusting actions. It is almost the same scenario that we had when we broke away from England in 1776, taxation without representation. In my economic opinion there is a great deal of confusion to higher taxes in Connecticut.