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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 ...
Time to drop your withholding to 0 dependents.
Wow. What a mess. Stop the spending, cut programs, deport illegals. The governor took a “holiday” vacation in the midst of this financial crisis?! I wonder if he’s offered to cut his own salary?
Living in a state that has to balance it’s budget every year, by law, and that has no income tax, I just can’t relate. Oh wait, yes I can, this is how the feds do it too.
Wait 6 months and the fed will be sending IOU’s for SS
Well, the people of California get what they deserve for voting for liberals.
After my first year in CA (1977) the bank put a 15 day hold on my state tax return
Just more government theft.
LOL!! Yep I’d be asking that too. Never been there and have no desire to go at all!
Note to Calendar... Jan 15th quarterly...check math
I think that is the number one point to be made here. To send money to welfare recipients before sending over-payments back to taxpayers is absolutely morally corrupt.
I think the anger toward Arnold is misplaced. He has actually tried to rein in spending. A half-assed attempt to be sure, but he has tried. He is the only elected California official right now even pushing to address this self-made financial crisis in CA.
Like a quarterback who gets too much credit for wins and too much blame for losses, the masses blame the governor for the states problems. The fact is, the liberal state legisltature has spent CA into near bankruptcy through no less than 4 different gubernatorial administations over the past 25 years. That is a fact. Arnold is not the problem. Impotent as he is, he is at least trying in good faith to address the financial crisis.
The real blame lies with an idiotic electorate that continues to vote in the same overspending legislators year after year after year. The voters are idiots. They are getting the government they deserve (well, not me as I lose every election, bond, proposition...)
The voters are 50% to blame with the Legislature another 25% to blame and the Unions 23% to blame. I think Arnold is about 2% to blame for this problem. Davis couldn’t solve it. Nor could Wilson or Deukmegian.
The voters and unions have destroyed this state.
By the way, as a state employee, I am required to contribute to the union, even if I OPT OUT of the union. Every year the union steals my money and gives it to ONLY Democrat candidates — never to Republicans.How do you like that?
One of the 4 propositions Arnold tried to pass would have prevented the union from doing that. It failed because he bit off more than he could chew and the Teachers Union and Nurses Union lead all other unions into defeating all 4 of those propositions, with help from Conservatives who voted against them because they weren’t “perfect”.
I detest my money being stolen by the unions and used to elect Democrats every year. At least Arnold tried to stop that.
You can’t organize a tax revolt in California. Not while more voters pay no taxes than pay them.
Bingo. You nailed the real problem. The voters are mainly responsible for ALL of the problems we have in California and they are getting exactly what they deserve. Sadly, I too am getting what they deserve.
I feel bad for saying so, and feel even worse that people like you bear the brunt of their bad voting.
As a CA taxpayer, I thought I’d just enclose an ‘IOU’ with my CA 540 (income tax form).
Umm isn’t this illegal?
4L
San Fernando Valley resident
Yes, my union forces me to supply funds for “bargaining” costs.
I am not a member, - to avoid the political dues. Those go straight to Democrat candidates, causes, ballot measures.
It’s really disgusting that the Dems in Sac. can even VOTE on fiscal measures: any increase in spending (unions get this money) means an INCREASE in salaries, therefore union % dues, therefore money to the Dem party’s candidates, causes. So obviously — there is a gross conflict of interest, here.
None of these clowns should be ALLOWED to vote on the budget, due to this gross and obvious conflict of interest.
They will NEVER vote on what helps consumers (parents & kids in public schools, for ex.) and taxpayers: honorable competition, or outsourcing.
They ONLY side with those who feed their insatiable maw — more union/Marxist, collectivist movement money.
4L
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