Heard on the Street Posted: Thursday, April 16th, 2009 Short form filing
In keeping with the tax-dominant priorities of most of us this past week we will be using the “short form” for our filing this week. Your intrepid reporters are in the far nether-most regions of the state nosing around for the latest and juiciest tidbits for your perusal next week. O.K., we’re off this week so we’re keeping it short and sweet.
Holding our collective breath
Legislators, government officials and observers are waiting with baited breath (whatever that means) to learn the results of yesterday’s personal income tax returns. In times past this was dubbed the “April Surprise” because income generally exceeded revenue projections. If there is any surprise this year it might be how much below projections the numbers might be. It will likely be a week or so before we know for certain about how much money our state received. Many seasoned observers are cautioning us to expect a very poor collection, adding even more to the current deficit burden of the state while also casting shadows on next year’s budget projections.
The House gets their turn
We’ve heard Governor Perdue’s budget proposals. The Senate has gone through the motions, although at least one commentator has suggested they should have just passed a “blank bill.” Now the House gets their turn and many are hopeful they might be more deliberative and responsive in putting together the budget and taking real action to meet the state’s budget crisis. It helps no one when the schools have to cancel orders, the state is running on a day-to-day cash basis and our leaders resort to less than honest approaches to budgeting.
At the least we hope the House won’t slip another special provision in the budget like Senator Linda Garrou inserted that would move UNC-TV to the School of the Arts. Talk about a disaster! For more on this topic be sure to read My Spin, “A New Home for UNC-TV.”
Tax reform
The Institute for Emerging Issues, the public policy initiative started by former Governor Jim Hunt, released a committee report this week urging our General Assembly to pass tax reform this year. They suggested we could reduce personal and corporate income taxes by the elimination of exemptions and loopholes, also suggesting we implement taxes on services.
Join the party IEI. We have had blue ribbon study commissions, learned economists, political pundits, enlightened editorials, and all manner of leading citizens advocate for tax reform. We’ve yet to see it. What many believe we are getting ready to see from the Senate Finance Committee is a tax increase disguised as tax reform. We are waiting.
Tea parties attract thousands
Communities across the state staged “Tea Parties” in protest of government bailouts and high taxes yesterday. We are told the crowds were moderate to large but the passion was strong. What affect will they have? Stay tuned.
A new speaker ban
Officials at UNC Chapel Hill are rightly embarrassed over a protest that forced an anti-immigration former Congressman to halt his speech on campus. A handful of protestors forced Tom Tancredo off the stage and overwhelmed 9 campus police officers. Did we hear correctly? 9 campus cops could neither bring order or reinforcements to this assemblage? And where were the other students who watched this protest get out of hand? Sitting on their thumbs? While examining freedom of speech on our state-supported campuses it might be worthwhile to also examine the effectiveness of campus cops and throw in another student course in civics.
Community Colleges and immigrants
Our state’s community colleges will receive a report tomorrow regarding whether or not to admit illegal immigrants to our 58 colleges. Can we expect the on-again, off-again policy to become on-again? Will this issue ever be resolved?
Campus layoffs
State supported universities have more than speaker ban issues on their plates this year. Budgets are tight and system president Erskine Bowles has authorized layoffs at campuses, even though the Senate didn’t force the severe budget cuts Governor Perdue proposed. Hear a full discussion on this issue on this week’s NC SPIN.
The Easter Bunny brought a ticket
38,000 drivers got an Easter present they didn’t want as state and local law enforcement officials conducted a two-week crackdown on speeding on our highways. It should slow down speeding for a couple of weeks, then its back to normal. Question: If we can crack down on speeding for two weeks, why can’t we do it all the time?
Burr tells wife to remove cash
Give a politician a stage and enough time and he/she will eventually put his/her foot in his/her mouth. Senator Richard Burr did exactly that in a speech in Hendersonville telling his audience that when he was given a briefing of the condition of our banks last fall he instructed his wife to go the ATM machine and draw out all the cash she could get. Here’s what he said, according to the Hendersonville Times-News: ”Tonight, I want you to go to the ATM machine, and I want you to draw out everything it will let you take. And I want you to tomorrow, and I want you to go Sunday. I was convinced on Friday night that if you put a plastic card in an ATM machine the last thing you were going to get was cash."
Wow! I don’t believe I would have told that Senator Burr. What does this say about your support for our banking system? What does it say about your concern for the rest of us? What does it say about yourself?
Memo to Attorney General Cooper: Please file this story. It may come in handy, say in October 2010.
Still accepting applications
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