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New Tax Credit For College Expenses

Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009.

Here are six important facts the IRS wants you to know about the new American Opportunity Tax Credit:

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Credit Card Rates Shoot Up

The major provisions of the Credit CARD Act do not go into effect until February of 2010. Meanwhile, cardholders have been encountering some of the negative consequences resulting from the bill while waiting for the benefits. Even after the bill goes into effect in five months, the benefits for cardholders may be outweighed by an acceleration of interest rate hikes and increases in fees that have already taken place. Despite complaints from consumers, these rate and fee increases are helping issuers get financially healthy once again.

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AT&T Proposed layoffs protested by AG and CWA

Attorney General Richard Blumenthal, joined by the Communications Workers of America (CWA), said AT&T’s plans to lay off more workers will further devastate families and service in Connecticut.

AT&T workers have been told by the company that there will be 2,500 layoffs nationwide, including at least 75 in Connecticut, despite the company’s massive job investments elsewhere. The positions to be eliminated vary, but include engineers and technicians responsible for maintaining quality service.

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Statin Safety: Business Week reports FDA asked to review safety of most profitable cholesterol-lowering drugs

Cholesterol-lowering drugs have been the most successful medicines in history. Last year, they racked up $33 billion in sales around the world. Just one drug, Pfizer’s (PFE) Lipitor, earned $13.6 billion. But there are serious questions about whether these drugs are being overused and whether they are as safe as most people—and doctors—believe. And now Congress is starting to ask those questions, too.

BusinessWeek has learned that Senator Chuck Grassley (R-Iowa), the ranking member of the Senate Finance Committee, has sent a letter to the Food & Drug Administration asking whether the agency has sufficiently considered potential problems caused by cholesterol-lowering drugs (most commonly the class of drugs called statins).

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Granby resident objects to sewer lien

We the people of Canton Road, Granby Connecticut, are against a sewer lien which will be placed on our property within the next few weeks.
We have not been given the opportunity to vote or have our questions properly answered by the Town Board of Selectmen. As a result, The Town of Granby plans on placing a lien in the amount of approximately $13,300 for each homeowner. This lien amount may be higher or lower depending upon sealed bids from the contractor selected by the town officials to complete the installation of the sewer line. The opening and selection of contractors who offered their bids occurs on September 22nd, 2009.

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Recession Tax Credit recipients: make sure proper amount withheld

Working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009. This tax credit means more take-home pay for millions of American workers. Here are five things the IRS wants every taxpayer to know about the Making Work Pay tax credit:

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FTC bans hated robocalls

Hated harrassing robocalls are being banned by the Federal Trade Commission, the Los Angeles Times reported today.

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Ct Atty Gen Investigates if wealthy residents evaded state taxes in offshore UBS Accounts

Attorney General Richard Blumenthal today announced that he is investigating whether Connecticut residents were among the 4,450 U.S. citizens who evaded taxes through offshore accounts with Swiss banking giant UBS.

In a letter notifying Gov. M. Jodi Rell of the investigation, Blumenthal said that his office has reached out to the state Department of Revenue Services, and will collaborate with the U.S. Department of Justice and Internal Revenue Service to identify and hold accountable state tax evaders.