Posted on 12/31/2008 7:41:30 PM PST by TigerLikesRooster
Calif. Taxpayers Due Refunds May Get IOUs
By Patrick Healy
NBCBayArea.com
updated 8:46 p.m. ET Dec. 31, 2008
If you expect you'll be getting a refund from California when you file your 2008 state income tax return, be prepared: you may instead receive a "registered warrant." Translation: an IOU.
California is rapidly running out of money. Blame it on the state budget deficit that continues to bleed billions of dollars from California's reserves. Facing inadequate credit to make up the difference, California's Controller John Chiang warns that by the end of February, the nation's most populous state may not be able to pay some of its debts, and instead be reduced to issuing those creditors IOUs.
"My office has projected that, in approximately 60 days, there will be insufficient cash available to meet all expenditures reflected in the 2008-09 Budget Act," stated a Tuesday letter from Controller Chiang to the directors of all state agencies. "To ensure that the State can meet its obligations to schools, debt service, and others entitled to payment under the State Constitution, federal law, or court order. California may begin, as early as February 1, 2009, issuing registered warrants...commonly referred to as IOUs...to individuals and entities in lieu of regular payments."
(Excerpt) Read more at msnbc.msn.com ...
Dumbasses. All this means now is everyone is going to under-withhold, making the crises even worse.
You should be able to use it as an offset for future obligations owed the state. But I’m guessing that the state will disagree.
Well, it is patriotic to pay more taxes - Joe Biden said so.
Can we say "as California goes, so goes the USA"?
I wonder if someone who owes taxes to the FTB will be allowed to use an IOU?
-PJ
So would it be ok for me to pay my taxes to the state with an IOU??? (Probably not)
So, where will CA get the money to print the IOUs? Plus, USPS wants to be PAID for the postage.....
Got family members living in the Great state of California.
No state shall enter into any treaty, alliance, or confederation; grant letters of marque and reprisal; coin money; emit bills of credit; make any thing but gold and silver coin a tender in payment of debts; pass any bill of attainder, ex post facto law, or law impairing the obligation of contracts, or grant any title of nobility.
They should stop paying state income taxes and send Arnie an IOU instead.
Yeah, but just try paying your owed taxes with an IOU...
IOU = We got your money, now get lost.
...with that other discredited screed, the bible.
Don't tell me. I know this one. I know where to go to find exhaustive, authoritative information on this screed. Wikipedia!!
As taxpayers owed refunds - we get IOU’s!
Questions
- Are any state employees getting laid off?
- Are any state salaries being cut?
- Are any welfare checks being stopped?
- Are state employee's perks being halted?
- Are we STILL paying welfare to illegal aliens?
- Are we STILL educating illegal aliens in bilingual schools?
- Are we STILL giving free medical to illegal aliens?
- Are we STILL paying outrageous pensions to State Employees?
Well - since the State has taken NO STEPS to stop the financial bleeding - but to the contrary are still slitting the taxpayers wrists to speed the bleeding -—— F’em.
STOP THE DAMNED STUPID SPENDING..
STOP TREATING STATE EMPLOYEES AS THOUGH THEY ARE ALL NECESSARY AND COMPETENT.....AND ENTITLED TO UNJUSTIFIABLE COMPENSATION.
STATE EMPLOYMENT IS NOT A CIVIL RIGHT OR AN APPROPRIATE FROM OF AFFIRMATIVE ACTION OR POLITICAL PATRONAGE.....
Times are tough... It's time for our "Civil Servants" and "Uninvited Guests" to FEEL THE PAIN.
voodoo economics.
Taxation without representation is what I feel like living in this state.........................they take and take and take. I say deport, deport, deport, cut, cut, cut CA can not continue to pay for everyone coming to this state we are losing jobs, homes and more.........They want to raise the sales tax will that will do alot of good you think people are not paying now just wait in my county or sales tax could be up to 9.75% pending on how much they raise it. We are currently paying 8.75% which was because of a bill to give everyone in ALameda County Health Care they raised the sales tax in the county I work it is 8.25%. Raising taxes will not help the issue it will only hurt but Steinberg and the Dems don’t want to budge maybe all of them SHOULD TAKE A PAY CUT LIKE ALOT OF THE CA RESIDENTS ARE HAVING TO DO!!!
Isn’t an IOU just an unconstitutional “taking”?
In answer to your questions
NO
NO
NO
NO
YES
YES
YES
YES
and they refuse to change any of it they think they can bleed the tax payers of CA even the Dems/Libs might get alittle bugged when they see they are losing jobs, healthcare, wages and more.........!!!!
Anyone without a printer would find one fast. I wouldn't mind two currencies as long as I knew which was the cheapest and could get rid of it first.
Heard some financial kingpin today say, "In 2009 Americans will be giving each other canned food for Christmas".
That was really encouraging. lol..
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.