May 26, 2011 archive

Today on The Stars Hollow Gazette

Our regular featured content-

These featured articles-

The Stars Hollow Gazette

This is an Open Thread

Pobrecitos

Crossposted from The Stars Hollow Gazette

Even in Connecticut $400,000 a year is wealthy.

Deficit May Snap 12-Year Tax Winning Streak for Top-Earning Americans

By Margaret Collins, Bloomberg News

May 25, 2011 1:57 PM ET

For a married couple with two children in Connecticut, which has the third-highest state and local tax burden in the U.S., the increase in rates Obama has proposed, along with levies from health-care reform, mean their tax bill may jump to $142,160 in 2013 from $126,410 this year, or 12.5 percent, according to an analysis Fleming ran for Bloomberg News.

That’s based on $485,000 in earnings, $2,000 in interest on investments, $3,000 in dividend income and $10,000 in long-term capital gains, and the following deductions: $20,000 in mortgage interest and charitable donations of $10,000, said Fleming, who works for PwC’s private company services tax group in Boston and Hartford, Connecticut.



Under the tax-cut compromise passed in December, individuals generally may gift up to $5 million during their lifetime without paying tax. That threshold will revert to $1 million in 2013 unless Congress acts.

“Move that $5 million now to your children or grandchildren to lock that in if you’re afraid that will go away,” Beerman said. That way the appreciation on those assets is out of an estate, Beerman said.



The biggest federal tax breaks for individuals include those for mortgage interest, charitable contributions, state and local taxes, incentives for retirement savings and the exclusion for employer-provided health care, said Clint Stretch, managing principal of tax policy at Deloitte Tax LLP in Washington. Each of them would be “politically pretty toxic” to eliminate or reduce, Stretch said.

Phasing out the mortgage interest deduction would increase federal revenue by $214.6 billion over the next 10 years, according to estimates from the Joint Committee on Taxation in a March report by the CBO. Curtailing deductions for charitable giving would raise an estimated $219 billion over the next decade, the CBO study said.

Did I mention their $400,000 McMansion?

A victory?

Judge Strikes Down Wisconsin Law Curbing Unions

By STEVEN GREENHOUSE, The New York Times

Published: May 26, 2011

Ruling that Republicans in the State Senate had violated the state’s open meetings law, a judge in Wisconsin dealt a blow to them and to Gov. Scott Walker on Thursday by granting a permanent injunction striking down a new law curbing collective bargaining rights for many state and local employees.



Republican senators asserted that they had enacted the collective bargaining law under emergency conditions, obviating the need to comply with the open meetings law. But Judge Sumi said she found no official evidence of emergency conditions or notice.



She (Judge Sumi) said the evidence demonstrated a failure to obey even the two-hour notice allowed for good cause if a 24-hour notice was impossible or impractical.

Perhaps temporarily-

“There’s still a much larger separation-of-powers issue: whether one Madison judge can stand in the way of the other two democratically elected branches of government,” he (Republican Scott Fitzgerald, Senate Majority Leader) said in a statement. “The Supreme Court is going to have the ultimate ruling.”

Cartnoon

The High and the Flighty

The Culture We Need, The Culture We Want

“There is much to be said in favor of modern journalism. By giving us the opinions of the uneducated, it keeps us in touch with the ignorance of the community. By carefully chronicling the current events of contemporary life, it shows us of what very little importance such events really are. By invariably discussing the unnecessary, it makes us  understand what things are requisite for culture, and what are not.”  -Oscar Wilde

Six In The Morning

India courts Africa, long wooed by China

Indian Prime Minister Manmohan Singh takes a six-day trip to the continent, in an effort to boost business ties and drum up support for New Delhi in its bid for a permanent seat on the U.N. Security Council.

By Mark Magnier, Los Angeles  Times

Indian Prime Minister Manmohan Singh arrives Thursday in Tanzania on the last stop of a six-day Africa trip designed to underscore his nation’s growing stature on the global stage, lobby for a permanent seat on the U.N. Security Council and signal to China that the South Asian giant is also a player on the resource-rich continent.

China has long targeted Africa under its “Going Out” strategy launched in 1998, and India, as part of a bid to make up for lost time, this week participated in the India-Africa Forum Summit, its second in three years. New Delhi said it would extend a $5-billion line of credit, fund 22,000 scholarships, set up a “virtual university” and support infrastructure and training programs on the continent.

Muse in the Morning

Photo Sharing and Video Hosting at Photobucket
Muse in the Morning

Time for a break from poetry…in order to create some art.

The most important kind of freedom is to be what you really are. You trade in your reality for a role. You trade in your sense for an act. You give up your ability to feel, and in exchange, put on a mask. There can’t be any large-scale revolution until there’s a personal revolution, on an individual level. It’s got to happen inside first.

— Jim Morrison



Abstension 2

Liar’s Poker

Crossposted from The Stars Hollow Gazette

I have 6 Aces.

The world’s most reckless central bankers

By Colin Barr, Fortune Magazine

May 25, 2011: 6:32 AM ET

Euro area President Jean-Claude Juncker said last month he is willing to mislead the public if the price in terms of market stability is right.

“When it becomes serious, you have to lie,” Juncker said. Either that, or you have to get serious. No prizes for guessing which course Europe will choose.



As Ireland’s post-bailout death spiral makes clear, austerity alone simply is not going to do the trick. Balancing a budget that is as out of whack as Greece’s “has been known to cause riots if done in a single year,” warns Paolo Manasse, an economics professor at the University of Bologna.

Yet officials at the ECB insist the alternative — inflicting losses on bondholders who until recently were all too happy to foot the bills for the big, fat Greek consumption party — is still too damaging to even contemplate. Taking a book out of the Tim Geithner playbook, ECB board member Juergen Stark last week called a possible restructuring a “catastrophe” because it would do bad things to the banks.

Meanwhile the real catastrophe plays out before our eyes. Every day that goes by without a restructuring that forces investors to share European taxpayers’ pain, the ultimate cleanup tab rises. You only have to survey the mess that is the U.S. housing market — or the wreck that once was the Irish economy — to see how that movie ends.

“You cannot really afford to keep buying time, because it is so expensive,” says Daniel Gros, who runs the Center for European Policy Studies think tank in Brussels. “Paying out 100% to existing bondholders is just too big a burden to bear in this situation.”

Late Night Karaoke

Cry For This Country

Cross posted from The Stars Hollow Gazette

This country stands on the edge of no longer existing as the Founding Father’s envisioned in the Constitution. Congress is about to infer on the Executive branch unprecedented power to wage war anywhere, detain or assassinate anyone, anywhere without due process and continue the expansion of the national security and surveillance state. The renewal of the reviled Patriot Act, is slated to be passed by congress with bipartisan approval today. As Jon Walker so astutely observes:

The often praised “bipartisanship” is rarely ever the product of both parties coming together around what the people want, and almost always about using each other as cover to avoid electoral consequences for voting in opposition to the will of the electorate.

The controversial Patriot Act, a bill once despised by almost every Democrat, passed cloture in the Senate on Monday night by 74 to 8. As Glen Greenwald noted only bills in support of Israel get this kind of near unanimous support. Eight Senators voting against cloture were Independent Sen. Bernie Sanders, Democrats Jeff Merkley, Mark Begich, Max Baucus, and John Tester, and GOP Senators Lisa Murkowski, Rand Paul, and Dean Heller. Tester and Paul spoke out specifically, objecting to the most egregious parts of the bill and the need for reform.

My Little Town 20110525: Joyce

Those of you that read this regular series know that I am from Hackett, Arkansas, just a mile or so from the Oklahoma border, and just about 10 miles south of the Arkansas River.  It was a redneck sort of place, and just zoom onto my previous posts to understand a bit about it.

I never write about living people except with their express permission, and Joyce is very, very long gone.  She was probably my best friend when I was little, and she is the sole exception for a little kid like me calling an adult, especially a very old person, by the first name.

That might sound strange, but considering her background it makes perfect sense.  Please join me in remembering a very dear woman whom I loved, and who loved me.