Business View: Bush tax cuts present budget-balancing option

first_imgBy Paul Cillo. The extension of the Bush tax cuts passed recently by Congress gives Governor Shumlin and the Legislature another option for balancing the state budget in fiscal 2012 and 2013. A new analysis shows that the top 5 percent of Vermont taxpayers will save $190 million this year and a similar amount in 2012 as a result of the federal tax cut extension. Before the governor and the Legislature further undermine critical public services, they should look to these federal tax savings as a temporary source of additional state revenue.Vermont ‘ along with nearly every other state ‘ saw a sharp drop in tax revenue as a result of the recession. The decline in revenue came at the same time state government needed to step up to help Vermont families that were suffering as a result of the recession. Governor Douglas acted as though the recession was permanent and the economy was never going to recover. He argued that Vermont had to cut spending to match this new reality.The economy is starting to recover and state revenues are beginning to grow again, but the pace of that growth will remain slow until more Vermonters go back to work. In the meantime, Vermont needs to maintain its public services so that our people and infrastructure do not fall further behind. That was what Gov. Richard Snelling and the Legislature did when they temporarily raised taxes on the wealthiest Vermonters and ran up a budget deficit to get through the recession of the early 1990s.The Bush tax cuts were originally passed by Congress in 2001 and 2003. These bills reduced income tax rates, lowered taxes on capital gains, and cut the estate tax, among other provisions. The cuts were scheduled to expire at the end of 2010, but in a lame duck session in late December, Congress voted to extend the cuts for another two years.The analysis of the effects of extending the Bush tax cuts was prepared for Public Assets Institute by the Institute on Taxation and Economic Policy in Washington, DC. According to the ITEP analysis, the top 1 percent of Vermont taxpayers will save a little more than $100 million in 2011, and a similar amount in 2012, thanks to the tax-cut extension. The average personal income for taxpayers in this group is about $940,000 a year. The savings for the next 4 percent of taxpayers will be about $88 million.Vermont, along with the other states, had federal stimulus funds to help maintain critical services during the first three years of this recession. Those stimulus funds run out this year, and without additional revenue or further spending cuts, Vermont’s projected budget deficit for fiscal 2012 will be about $150 million.What the ITEP analysis shows is that the extension of the Bush tax cuts gives Vermont additional capacity to balance the cuts already made by raising state revenue over the next two years in order to maintain critical public services for Vermonters.Paul Cillo is executive director of Public Assets Institute, a non-profit, non-partisan organization in Montpelier that analyzes state fiscal policy (www.publicassets.org(link is external)).last_img read more

Kotoko board member confirms Nana Yaw Amponsah as new CEO

first_imgA member of Asante Kotoko’s Board of Directors, Kofi Amoa-Abban has confirmed the appointment of Nana Yaw Amponsah as the club’s Chief Executive Officer, tweeting a congratulatory message to the former Phar Rangers Chairman.Congratulations to Nana Yaw Amponsah, the new Chief Executive of our dear club Kumasi Asante Kotoko.Big responsibility but there’s no one better suited for this job than you.You have the full support of the Board.May God bless this partnership. #LetsMakeKotokoGreatAgain pic.twitter.com/qcJ3P2m48l— kofi Abban (@kofiAbban19) August 7, 2020Asante Kotoko are expected to officially unveil Amponsah later on Friday.Recent media reports reveal that the owner of Phar Rangers, Nana Yaw Amponsah will be the new Kotoko’s new CEO after the seat was vacated by George Amoako.According to reports by Ghanasportsonline, the CEO-imminent has stepped down as the President of Division One League side, Phar Rangers.Candidate at the 2019 Ghana Football Association Presidential Elections, Amponsah’s switch to Kotoko has been long coming, having attended an interview last month.The football administrator is believed to have already received an appointment letter from Manhyia to head the Club’s administrative work.Manhyia Palace settled on the fast-growing football guru after a meeting with the new board headed by the Club’s financier Dr Kwame Kyei.last_img read more

England Golf names new coaches

first_img England Golf has appointed Jeremy Bennett as the new lead coach for the national boys’ squad. He will take up his position in September. Bennett is currently the Wales ladies’ coach and has worked with Major winners Sir Nick Faldo, Seve Ballesteros and Bernhard Langer, as well with Rory McIlroy and Oliver Fisher while they were part of Team Faldo and the Faldo Series. He is an Advanced Fellow of the PGA and is based at Windlesham Golf Club in Surrey. In two other appointments Martyn Thompson of Dorset will become the coach for the girls’ South West regional U16 squad and Sam Johnston of Worcestershire will take up the same position with the West Midlands U16 girls’ squad. Nigel Edwards, England Golf’s Performance Director, commented: “England Golf is committed to providing excellent coaching to help our players develop the skills they need to perform at the highest level. We are delighted to welcome these coaches to our team and look forward to working with them to achieve even greater successes for our players.” Jeremy Bennett has been the Wales ladies’ coach since 2008 and has steered them to three Home Internationals wins – after the team had won the title only one other time in 100 years.   He commented: “I have enjoyed every minute with Wales, bringing tears of joy and creating history which is my main goal. Now I am looking forward to the new challenge with the England U18s and I relish the chance to create more history with them.” Bennett was an England international in his amateur days and went on to play on the European Tour for 11 years and was Rookie of the Year in 1981. Since specialising in coaching he has worked with the Surrey county men’s team, steering them to two national championship wins, and spent four years with the elite players in Team Faldo. Three players he worked with – Oliver Fisher, Rory McIlroy and James Heath – all reached the top of the world amateur rankings. Golf Union of Wales Director of Performance Ben Waterhouse commented: “We would like to thank Jeremy for his services to Welsh golf and wish him well with England Golf. He has achieved great success here and helped to bring out the talent in a lot of young players.” Martyn Thompson, who becomes the coach to the South West regional U16 girls’ squad, is the head PGA professional at Parkstone Golf Club in Dorset. He is the head coach to the Bournemouth University golf teams and has held the same position with the Dorset Golf Partnership and the Dorset County Golf Union. He coached Dorset teenager Georgia Hall during 2012/13 when she won British girls’ and ladies’ championships, two youth Olympic medals and was ranked top amateur in Europe and fourth in the world. Sam Johnston, who has been appointed as coach to the West Midlands regional U16 girls’ squad, is the head PGA professional at Fulford Heath Golf Club in Worcestershire. He is the lead County Academy coach for Worcestershire and Herefordshire and is responsible for the design and implementation of the programme. He is an assessor for members of England Golf U18 regional squads who are working towards the AASE qualification. 25 Jul 2014 England Golf names new coaches last_img read more