SB 450 Repeal the LLC Tax While Taxing Everyone Else!

The Finance Committee passed SB450, which contains tax cuts, fee increases and a plethora of new taxes, by a one vote margin.  (13 – 12)  

The bill will place Republicans in a tough spot because they will want to vote against tax and fee increases, but by doing so will be voting against the LLC Tax repeal.  Yes, that onerous tax is repealed in this ombudsman bill. 

What’s increased?

·         Tobacco products other than cigarettes

·         A new electricity generation tax that will increase all of our electric bills.  At the same time they repealed the user fee that forced people to turn off their lights or pay a higher electricity bill.

·         The Insurance premium tax has been rolled back to 2 percent

·         Estate taxes have been passed --- move out of state if you have a large insurance policy coupled with investments or your heirs will see the state drain your coffers.

·         Pet shops will pay a higher license fee

·         Want to get married?  Expect to pay five bucks more for that wedding license.

·         Vital records fees will increase

·         Ag increased the market bulletin subscription

What was downshifted to towns?

·         Cat Aid, a reimbursement program for SPED costs, has seen the reimbursement rate reduced from 82 percent to 79 percent.  There is an amendment that would allow school districts to hold a special meeting in 2011 without going to court ONLY if they needed to cover the gap in Cat Aid reimbursement (remember those budgets are already set).

·         School nutrition programs saw a small decrease

·         Rooms and Meals Tax distribution was further reduced

Governor Lynch’s “Ponzi”  Schemes

·         UNH will give the general fund $25 million.  The Governor will, in turn, bond $25 million and start paying UNH back plus interest.  Who said folks at universities didn’t have business sense?

·         The Governor cannot cover his bond payment this year so he plans to “re-structure” $51 million dollars.  That way he only has to pay $2 million this year and stretch the rest out for another decade with new bonds --- mortgaging the future and costing the state $9 million or so in increased interest payments

The democrats had enough votes to:

·         Refuse to cut the Judicial budget as the Governor requested. 

·         Added back $10 million to HHS

·         Added back a position and fees for a position that was laid off last October to do lead paint inspections. How long before the other departments who had to lay people off last October come forward and ask to have the positions reinstated.

Other actions of note:

·         $80 million in stimulus funds aimed for 2011 will be move into FY2010 in the hopes of balancing the budget.

·         Furlough nonclassified and unclassified employees one day a month --- LBA unable to determine savings.

·         Liquor and Lottery Commissions were ordered to reduce their expenses which should mean increased money into the general fund.

·         The Finance Committee majority party did not have enough majority votes to pass either the cigarette tax or the capital gains tax and those were left on the table.

Finance Committee Republicans were working on floor amendments to eliminate all tax increases.  Republican leadership plans to ask to divide the question so that the LLC Tax Repeal could be voted on separately.  Think that will get approved?  Are there enough bad things in this bill to enable Republicans to vote against passage and still be able to explain to their constituents why they had to vote against the LLC Tax repeal?

U. S. Oil Discovery- Largest Reserve in the World

Receive this via email... I guess it is on it's way to being viral. I have heard of an oil reserve that is located on the Alaskan North Slope and in private ownership but needs Federal Approval because it is surrounded by Federal Reservation land so it is inaccessable without the Federal permission. No one will say what the total of that reserve is just that is is huge.

This sounds like it is right here in the lower 48... Interesting read anyways. Perhaps it is the same as above just needs side drilling...

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OIL - you better sit down.

Here's an interesting read, important and verifiable information :

About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read below.

The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota , western South Dakota , and extreme eastern Montana .....

CHECK THIS OUT:

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature's financial analyst.

"This sizable find is now the highest-producing onshore oil field found in the past 56 years," reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

That's enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn't throw you on the floor, then this next one should - because it's from 2006!

U. S. Oil Discovery- Largest Reserve in the World Stansberry Report Online - 4/20/2006

Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth.

Here are the official estimates:

- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .

HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?

Got your attention yet?

Now I just wonder what would happen in this country if every one of you
sent this to every one in your address book.

By the way...this is all true. Check it out at the link below!!!

GOOGLE it, or follow this link. It will blow your mind.

http://www.usgs.gov/newsroom/article.asp?ID=1911
http://www.usgs.gov/newsroom/article.asp?ID=1911

New Web Video: Pelosi's Number One Priority

I wanted to let you know that the Whip Office has launched a video news release entitled, "Number One Priority.” The video highlights Speaker Pelosi’s top priority, “cap and trade” legislation that will impose a national energy tax of up to $3,100 on all Americans and slam small businesses with higher energy bills, causing the loss of millions of jobs.

Would definitely be key if you could spread the word and embed the video on your blog.

Blog Link: http://republicanwhip.house.gov/blog/2009/06/cap-and-tax.html