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From The Federation of Connecticut Taxpayer Organizations
Contact Susan Kniep
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone: 860-841-8032
January 15, 2011
JOIN THE FEDERATION ON SATURDAY, JAN 22
Connecticut’s Budget Deficit for 2011-12 is $3.7 billion!!!
Connecticut’s Debt is $72 Billion!
WE ARE BROKE FOLKS! THE FEDS
– THE STATES – THE TOWNS!
AND GUESS WHO THEY ARE COMING AFTER TO GET THEIR MONEY? YOU!
Connecticut Taxpayers!
Help Stop the State of Connecticut
from Passing On the Cost of a
Multi Billion Dollar Deficit to You Through
Tax Increases!
JOIN THE FEDERATION ON SATURDAY, JAN 22
From 8:30 AM to 12
Noon at The Chatfield in West Hartford, CT
The Federation of Connecticut Taxpayer
Organizations
Will Be Discussing
How to Prevent The State of Connecticut from Passing its Multi Billion
Dollar
Budget Deficit
onto Connecticut
Taxpayers and Property Owners
While Failing to
Control Spending!
The Public is Invited – Space is Limited
Please RSVP to fctopresident@aol.com
or call 860-841-8032
By Thursday,
January 20, 2011
Continental Breakfast Donation
HERE ARE THE
HEADLINES!
Connecticut Budget Deficit for 2011-12 is $3.7 billion!
Connecticut’s Debt $72 Billion!
State's unfunded pension liability hits 22-year high
Taxpayers Will Pay for Massive Shortfalls in State Pension Funds ...
States Will
Soon Have To Start Paying
Interest on
Their Massive Unemployment Borrowing
The State of Illinois
Just Approved a
67% State Income Tax Hike
Some Predict Other States will Follow!
Bernanke Says No
Bailout for the States!
New
revenue forecast barely shifts the massive budget gap By Keith M. Phaneuf CTMirror.org Jan 14,
2011
If state officials were hoping for a last-minute silver
bullet to solve their budget crisis, they didn't get it Friday when revised revenue estimates made
almost no dent in the $3.7 billion deficit for 2011-12. http://ctmirror.org/story/11187/new-revenue-forecast-same-big-deficit
State's unfunded pension liability hits 22-year high
By Keith M. Phaneuf
CTmirror.org
Latest Fiscal Accountability
Report Released Last Month Reflects Connecticut’s
Growing Deficits and More…. http://ctmirror.org/sites/default/files/documents/OFA_Nov%2015%202010%20report2.pdf
States Will Soon Have To
Start Paying Interest on Their Massive Unemployment Borrowing
by Olga Pierce ProPublica Jan 14,
2011 Many states have had to borrow billions from the federal government to
maintain unemployment insurance payments. But the interest-free grace period on
those loans that came with the stimulus bill is about to run out.
Check how your state is doing with ProPublica's
Unemployment Insurance Tracker
Check Out Connecticut http://projects.propublica.org/unemployment/
Bernanke balks at bailout for states States are collectively forecasting a budget gap of at
least $113 billion for the fiscal year that starts for most in July http://www.reuters.com/article/idUSTRE7065VY20110107
Taxpayers Will Pay for Massive Shortfalls in State Pension Funds ...
The $2 Trillion Hole - By JONATHAN R. LAING | Promised pensions benefits for public-sector
employees represent a massive overhang that threatens the financial future of
many cities and states. http://online.barrons.com/article/SB126843815871861303.html#articleTabs_panel_article%3D1
State employee wage info and more….
Top 50 Base Pay vs Actual Pay
Pay Portrait for 3 Connecticut State Agencies
State Operating Costs pie chart
Private Sector or State Of Connecticut: Who pays more?
Comparing State Employee Salaries in the Northeast
WHAT THEY MADE: 2009 Connecticut State Employee W2 Summary
(2,181 pages, searchable by name)
WHAT THEY EARN: 2009 Connecticut State Employee Pay Rates
(1,244 pages, searchable by name)
Visit the Yankee Institute for More Information on State and Local
Spending on Public Employee Salaries, etc. http://ctsunlight.org/
Illinois State Tax Increase
May Pave Way for Other States to Fix Budget Woes Businesses Anxious That Illinois Tax Increases Might Be Anti-Growth Joseph
Henchman, tax counsel for The Tax Foundation in Washington, D.C., said the
Illinois tax hike is only the beginning of what will be a tumultuous year for
state tax rates. http://abcnews.go.com/Business/illinois-state-tax-increase-paves-states-fixing-budget/story?id=12608613
From National Taxpayers
United of Illinois New 67% State Income Tax Hike to Fund McHenry County Retired
Government Employee Pension Millionaires The largest annual TRS pension goes to Joseph M. Saban,
formerly of Community HSD 155, whose annual pension is $168,122 — $14,010 a
month. Paul R. Baker, formerly of Community HSD 155, already has received a
total pension payout of $1,457,293, in addition to his annual pension of
$119,101. Robert D. Cryer, also formerly of Community HSD 155, already has
received a total pension payout of $1,455,399, in addition to his annual
pension of $128,314.” http://www.ntui.org/news-releases/new-67-state-income-tax-hike-to-fund-mchenry-county-retired-government-employee-pension-millionaires
Connecticut workers get
richest pensions in US-study By Joan Gralla NEW YORK | Thu Oct 4, 2007 6:17pm EDT NEW YORK Oct 4 (Reuters) - Connecticut
rewarded its state and local employees with the highest pensions in the nation,
paying an average of $28,344, which bested second-ranked Colorado by $548, a
new study said on Thursday. http://www.reuters.com/article/idUSN0439035520071004
*************
CONNECTICUT RANKED AMONG THE TOP 10
TAXING
TAXPAYERS TO THE MAX
Rich States,
Poor States:
ALEC-Laffer State Economic Competitiveness Index
has been published by the American Legislative Exchange
Council (ALEC) as part of its mission to discuss, develop, and disseminate
public policies, which expand free markets, promote economic growth, limit the
size of government, and preserve individual liberty. ALEC is the nation’s
largest nonpartisan, voluntary membership organization of state legislators,
with 2,000 members across the nation. ALEC is governed by a Board of Directors
of state legislators, which is advised by a Private Enterprise Board
representing major corporate and foundation sponsors.
Connecticut is Ranked Among the Top 10 Biggest
State Losers for 2010!
Excerpt from Report: To give you a more
in-depth look at which states are asking more from taxpayers—and in the process
making their states less competitive— we have put together our very own top 10
list of biggest state losers for 2010.
Page 20 of Report Lists Connecticut
Among the Biggest Losers.
See Where Connecticut Ranks:
http://www.alec.org/AM/PDF/tax/10RSPS/RSPS2010-Final.pdf
View the Full
Report:
http://www.alec.org/AM/PDF/tax/10RSPS/RSPS2010-Final.pdf
*************
Take Your Stand
For Direct Voter Initiative!
"The
basis of our political systems is the right of the people to make and to alter
their constitutions of government" - George Washington, Farewell
Address, 1796
Meet John Woodcock, an attorney, former State representative and activist
working to give Connecticut
voters greater control of their government.
John worked with the Federation and others as we attempted to have the
State hold a Constitutional Convention in 2008.
It was our hope that this would lead to enacting Initiative and
Referendum at the State level. The State
is not required to consider another Constitutional Convention until the year
2028. In the interim, John, the
Federation and many others hope that we can convince the State Legislature to
consider Initiative and Referendum. Visit John’s website at Connecticut
Citizens For Ballot Initiative at http://site.letourvoicesbeheard.org/
The following was written in 2008 and provides
further information on Initiative and
Referendum…
The common thread
of those who have championed this cause, and who today continue the crusade for
Statewide Initiative and Referendum, have been the following:
- To Reverse the concentration of government power,
- To neutralize the power of special interests,
- To increase public understanding of issues,
- To stimulate public involvement in the political process and
improve voter turnout,
- To make government more responsive
Points of Interest
The National
Debt Clock reflects $14 trillion, 27 Billion debt. The
estimated population of the United
States is approximately 310 million. This
translates to each citizen's share of this debt at $45,000.
The National
Debt has continued to increase an average of $4.17 billion per day since September 28, 2007!
445,000
unemployed workers sought unemployment benefits for the week ending Jan 8. This
is the highest level since late October, 2010 as food and energy costs
increased.
Financial
analyst Meredith Whitney recently warned that a muni
bond crisis "is the largest threat to the U.S. economy." She is noted for
predicting the 2008 Wall Street
meltdown months in advance. Municipal bonds, used to finance state and local
government spending, are about a $2.8 trillion market.
Overall, states and localities have collected $186
billion in federal stimulus funds since 2009 but expect to get just $23
billion in fiscal 2012 and $14 billion in fiscal 2013. Stimulus money, however,
represents only part of the flow of money from Washington to the states. Federal
funds support state programs to pay for highways, K-12 education, health care
for people with low incomes, and many other programs. Even before the
stimulus program began, federal dollars accounted for about 30 percent of
state revenue. It’s these funds that are likely to become a prime target if
Congress is serious about pinching pennies.