Tag Archives: business

February 15, 2013 · 11:29 am

Who Is Elizabeth Ritter And Why Is She Dangerous

(D) Representative Elizabeth Ritter

(D) Representative
Elizabeth Ritter

Elizabeth Ritter better known as “Betsy Ritter” is the Democratic State Representative from the 38th Assembly District representing citizens of Montville and Waterford.  She may also be considered a Four Star General in a battle against Connecticut business; with her deceptively titled heinous bill she calls An Act Concerning A “hoarders’ tax”.

Betsy Ritter was recently asked by Speaker of the House Brendan Sharkey (D-Hamden) to serve as his Deputy Speaker, the person who presides over the House of Representatives when Rep. Sharkey is not in the chamber.   Rep. Ritter also serves as a member of the legislature’s Appropriations, Human Services and Energy and Technology committees.

Her Proposed Bill No. 5595 calls for “the [Connecticut] General Statues to be amended to institute a small tax on companies’ liquid assets”.  This is more than a “small tax” this is full frontal assault on every business in Connecticut.

In leading the charge “General Ritter” first planned a move of deception with the title of her bill.  It is accepted knowledge that a “hoarder” is a saver, collector, accumulator or even a stasher.  The dictionary gives us a meaning of a hoarder as one that collects or stores often secretly, large amounts of things such as food or money for future use.

“General Ritter” is actually proposing to tax operating cash of a business, the money they need to have available for day to day activities and to meet financial obligations.  This is money that was already considered and calculated when other taxes were paid.  This is any money that may remain in the hands of business, after sales tax, business entity tax, income tax, fica taxes and the list of taxes goes on and on.

This money is not hoarded and hidden; these are necessary funds with which to operate a business.  This akin to telling a family, you legally paid all your taxes, you put some money in the bank and we taxed that income and now we found some in your pocket so we want some of the spending money you have.

This proposal is not only an attack on business but would also reduce job opportunities.  There are far too many businesses in Connecticut operating on the edge of financial extinction; we have seen too many businesses close their doors.  This proposal is worse than dreadful it is evil.

Betsy Ritter is in a position of power, and has considerable experience in the world of politics but her understanding and empathy of the business world is appalling.  I would like to think Betsy Ritter is a well-educated leader of distinction and in this case just ignorant of business operations, because the alternative is to think she honestly desires to attack our business climate and job opportunities in Connecticut.

We only need to look at our history and “small taxes”, President Roosevelt proposed a small limited tax, it was a “small step”, and today we call it our “Income Tax”.  “General Ritter” may understand the strategy of politics but we don’t need a charge up San Juan Hill on Connecticut business.

Leave a Comment

Filed under CONNECTICUT ISSUES, POLITICS

Tagged as , , , , , , , , , , , ,

November 25, 2012 · 11:22 am

You Can Bury The Man But Not The Memory

Today our nation stands poised on a fiscal cliff.  Today we are faced with extreme economic challenges and yet our leaders on both sides of the aisle in Washington are blinded by political ambition and self-preservation.

Economics is not an easy subject to master; there are many opinions on the philosophy of any economic planning.  The prognosticators analyzing any budget priorities or economic plan have a history of reflecting personal bias supported by twisted statistics to render their own position valid.

So it is on this day that I turn back the hands of time and apply some of the teachings of another man to look forward as we face economic peril fostered on us from our elected leaders in Washington.  I also remember that the study of economics comes from a family tree with the roots of basic mathematics.  In other words the numbers have to add up to make sense.

“Our present tax system … exerts too heavy a drag on growth … It reduces the financial incentives for personal effort, investment, and risk-taking … The present tax load … distorts economic judgments and channels an undue amount of energy into efforts to avoid tax liabilities.”1 There is no doubt we have seen investments and jobs driven overseas by our own tax policies.

“Our tax system still siphons out of the private economy too large a share of personal and business purchasing power and reduces the incentive for risk, investment and effort – thereby aborting our recoveries and stifling our national growth rate.”2 More taxes on your neighbor while politically popular are not the answer.

“In short, it is a paradoxical truth that … the soundest way to raise the revenues in the long run is to cut the rates now. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”3Taxing the rich as an economic solution to our federal deficit is mathematically folly; there simple are not enough rich people to accomplish the goal.

We need more people working and paying taxes to enable our economy to pay off our debt. “The largest single barrier to full employment of our manpower and resources and to a higher rate of economic growth is the unrealistically heavy drag of federal income taxes on private purchasing power, initiative and incentive.”4There is a solution, “Expansion and modernization of the nation’s productive plant is essential to accelerate economic growth and to improve the international competitive position of American industry … An early stimulus to business investment will promote recovery and increase employment.”5

On this date in history November 25, 1963 we laid to rest President John F. Kennedy.   His memory is recalled in the above words on economic policy.  They were words of wisdom and a proper solution for our economic woes.

It is time for the Republicans in Congress to embrace the words and economic philosophy of an icon Democrat and it is time for the Democrats to abandon political rhetoric and join together to solve our economic woes.  It is time our leaders set aside personal political posturing and pandering to “ask not what your country can do for you—ask what you can do for your country”6.

Our nation buried the man but let us not fail to honor his memory.  It is time to enact his message.

 

  1. John F. Kennedy, Nov. 20, 1962, press conference
  2. John F. Kennedy, Jan. 24, 1963, message to Congress on tax reduction and reform, House Doc. 43, 88th Congress, 1st Session.
  3. John F. Kennedy, Nov. 20, 1962, news conference
  4. John F. Kennedy, Jan. 24, 1963, special message to Congress on tax reduction and reform
  5. John F. Kennedy, Feb. 2, 1961, message on economic recovery
  6. John F. Kennedy, Jan. 20, 1961, Inaugural Address

1 Comment

Filed under Uncategorized

Tagged as , , , , , , , , , , , , , , , , ,

May 3, 2012 · 10:44 pm

Connecticut Ignores Report, Raises Taxes And Falls Further Into Debt

Word is our Connecticut state government budget is coming up short by a few dollars.  Well actually about 200 million dollars.  This after our financial geniuses in the State Legislation followed the recommendations of our chief financial wizard, Governor Dan Malloy and passed the largest tax increase in state history.  How can this be?

The Governor that raised taxes and put taxes for the first time on nonprescription drugs, clothing under $50, manicures, pet grooming and even increase the burden when your car breaks down with taxes on car towing now tells us we are not contributing enough.  When asked about the budget shortfall he characterized the problem as “basically a revenue problem”.  He seems to want to blame his deficit budget on a weak economy that could be solved if there is an upswing in the state’s economy.

Don’t you just have to wonder if the deficit has anything to do with excess spending?  After increasing taxes the addiction to State spending has continued unabated.  Even the political leaders in Coventry this year got the message and produced a budget without a tax increase and are not looking at a significant budget deficit like our State is facing.

Could it be that the State tax increases actually contributed to the short fall in the budget projections?  Could we have avoided this problem if we only read and applied what we learned in our own studies?   Have taxes caused many people with significant money to flee Connecticut for a lower tax environment?  According to one report the answer to all of these questions is, YES!

Now that is hard to believe but the facts are there and the numbers don’t lie.  Connecticut is heading down the wrong path when it comes to estate taxes.  The State studied the issue then ignored the findings and took action that would worsen our economic strength.  How’s that for an approach to the issue?

If you want to read the details provided by the American Legislative Exchange Council below is a link to their report entitled, Rich States Poor States.  When you get to the site click on the picture of the report to view a PDF file and turn to page 44.  There is a half-page dedicated to Connecticut’s study of the estate tax and the impact of action taken under Governor Malloy.

After reading the report you may have to wonder, just what were they thinking or maybe were they thinking when they voted to expand the tax?  Just why did we really raise those taxes?


http://www.alec.org/publications/rich-states-poor-states/

Leave a Comment

Filed under CONNECTICUT ISSUES

Tagged as , , , , , , , , , ,

March 17, 2012 · 11:35 am

Coventry Budget: Are We A Caring Community?

Coventry is an exceptional small New England community; it is often mentioned at the Town Council meetings we have active and supportive citizen volunteers stepping forward to serve their community.  One such organization Coventry Helping Hand has recently been organized to assist our neighbors, not with a handout but with helping hands.  The organizers recognize that in this economy some of our neighbors are struggling.

The Council needs to be cognizant and more mindful of the impact even a small tax increase will have on our community at this time.  While some will call this proposed increase minimal and point out that to an owner of a median valued house it would be only $1.15 per month, to others that can be significant.  How many of us are aware of the number of families living on an economic edge in this town?  We have a community food bank that is currently serving about 115 to 120 clients per week.  That translates to 115 families that need assistance for even the basic need of food.

Yes, the increase is small but it is not compassionate.  I ask the Town Council follow the lead of Coventry Helping Hand and reach out to help your neighbors, reach for your pencils to erase the small increase in your budget.  It will not solve our neighbors’ problems but it will not add additional hardship.  If we can find money to pay extra for green energy we should be able to find a way to help our neighbors.

According to statistics provided by State agencies and published in the Hartford Business Journal out of 61 towns in the greater Hartford region Coventry was one of 16 towns that spent more money than the total taxes collected in 2010.  Only nine municipalities had debt service in excess of their total general fund balance.  Coventry was one of only five towns to appear in both categories.  According to the Connecticut Department of Labor of the five towns, Coventry has the lowest annual wages, at $33,692.  In today’s economy of rising prices that leaves little for discretionary spending and any tax increase can be a burden.

There is a large built in increase this year since the basis of comparison was a budget inflated over actual cost last year largely due to savings in the insurance line item.  Even a zero increase this year allows for additional spending since we over budgeted last year.  The combination of that savings and the increase in the grand list provides about $1,000,000 extra without raising taxe.

The Governor has talked about shared sacrifice and too often that has been equated to higher taxes with the sacrifice coming from the taxpayers.  It is time the shared sacrifice be looked at from another side, the side of government and spending increases.  At no time in the past 25 years has a tax increase been more inappropriate than this year.  At no time has the economic hardship on our neighbors been this difficult.

For the sake of our neighbors, I urge the Town Council to adjust the budget to show compassion for your neighbors living is less fortunate circumstances.

Leave a Comment

Filed under Coventry CT, COVENTRY EDUCATION, COVENTRY GOVERNMENT ISSUES

Tagged as , , , , , , , , , , , , , , , ,

April 25, 2011 · 1:27 pm

The Vilification Of Business For Politics

Millions of immigrants have come to America with the dream of being free.  Free to pursue the “American Dream” although that dream means different things to different people the foundation of the dream is always personal freedom.  Freedom to establish and practice a religion, freedom to speak, and freedom to build a financial future for their families, that is the opportunity found as they pass by the Statute of Liberty or other ports of entry.

For generations they came, they toiled and they built this great nation.  One nation, one people, from the seeds of international ethnicity they joined together working side by side in a melting pot they became Americans.  Their families learned the language, and the American culture and traditions became a mixture of the old country and their new found home.

This great land was built with small business dreams, some of which became giant companies producing thousands of jobs and untold wealth.  The freedom that was uniquely American was also the environment for innovations and America led the world to a new standard of living.  Were all Americans enjoying the same lifestyle?  No of course not, but no where else on earth did they have the opportunities that were found in America.

The founders of American industry were brave individuals often risking everything they had on an idea and a dream.  Many failed and experienced the pain of bankruptcy and humiliation for their families.  It was the courageous entrepreneurs that provided the jobs, and the money to build our schools, our hospitals and our government.

Today we have a new vision of America and those very same entrepreneurs are now vilified and the object of ridicule fostered by political opportunists creating a perceived enemy to the common man.  The very same entrepreneurial spirit that built this country has become the object of scorn by some politicians and their willing followers.  Too often today the business community is viewed as a target of taxation to fund a growing culture of government.

The word profit in American has become a negative adjective and the object of scorn, and a target for the taking on the radar screen of politicians.  Politicians concerned more about re-election than the course they set for the people that elected them.  The enemy of the common man is not the entrepreneur, it is not the business community, and it is not the unemployed worker struggling to get by on unemployment, it is the politician that is not a leader.

America does not need to vilify and pit one group of Americans against another; American’s don’t need a common enemy to unite behind good leadership.  What America needs now is a true leader willing to toss politics aside, with the strength to say no to special interests of any kind including labor, business or social action groups.

America needs a leader that recognizes business is part of the solution to our economic problems.  It is the American spirit, ingenuity and creativity that must be unleashed to drive our economic engine to new heights.  American business is our friend not our enemy and politician unwilling to demonstrate the strength of character to lead should face vilification and ridicule from the voters.

Leave a Comment

Filed under NATIONAL ISSUES

Tagged as , , , ,