Federation of Connecticut Taxpayer Organizations

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

� Reduce or eliminate the $185 million in salary increases state employees are scheduled to receive;

� Reduce the pay of elected officials and agency heads by 10%;

� Increase health care co-pays for legislators and legislative staff from $6 to $18;

� Change state employee pensions from �defined benefit� plans to �defined contribution plans.�

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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