Calif. Taxpayers Due Refunds May Get IOUs

MSNBC ^ | 12/31/08 | Patrick Healy

[PistolPaknMama]

We're working our way to where you give the state 6 months free labor I thought we were already there. What our "tax freedom" (ha ha ha) date now?

[MarkL]

I wonder if the CA department of revenue would be willing to accept IOUs from tax payers?

Any takers? Bueller? Bueller?

I didn’t think so.

Mark

[stevem]

Your tax refund will be paid with IOU's.

Are they negotiable?

[17th Miss Regt]

Isn’t there something in the Constitution...

Please define the word in bold and explain what it means. I have vague memories of such a concept, but that was a long time ago. Does it have any application to the state of California?

[rvoitier]

Same as NYC.

Aren't they getting the message???

It's frustrating people don't see who's causing the financial problems in this country.

[Cicero]

Well, they’ll succeed in screwing the taxpayers this year, no doubt, but the state will pay a penalty for this misbehavior in the long run.

As several have suggested, the obvious thing will be for people to increase the number of declared dependents for withholding taxes, and then if necessary send a quarterly check to the feds for estimated taxes so as not to get in trouble with Uncle Sam.

The state will lose the benefit of having that cash early without paying any interest on it.

[ProtectOurFreedom]

Blame it on the state budget deficit that continues to bleed billions of dollars from California's reserves.

Right! Correctly, blame should fall on the fiscally irresponsible leftists that run the CA government, not on a nebulous "state budget deficit" that just seems to have magically materialized.

[upchuck]

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 legislators inability to enact massive spending cuts.

Sorry, at least now it's truthful.

[Clock King]

I thought liberals were happy to pay more taxes.

[Chewbacca]

When they try and tax you next year send them back the IOU they sent and say ‘Paid in Full’.

[dragnet2]

In that case, can I pay my state tax withholdings with an IOU?

No problem, what are they going to do when most are broke anyway? lol

[Comparative Advantage]

While I am amused by Mexifornia’s budget crisis, the sad part is many of their idiot voters will decide to move to states like Nevada and Arizona and proceed to screw them up, too.

[TigerLikesRooster]

Try former East Germany's solution. Land mines, T-shaped barbed wire fence, machine gun nests along the state border with CA.:-)

[ZirconEncrustedTweezers]

Mostly they’re happy to COLLECT more taxes.

[nevergore]

This is awesome!

You’ll see a true taxpayer revolt when this happens.....

The “stick it to the rich guy” comes home to roost.....someone other than me syndrome....

They’ll be saying “Oops...now it is me....hang the politicians!!!!”

Cut gubernment spending by 1/3.....

[2harddrive]

SUCKERS! You should have been UNDERWITHELD....then sent THEM the IOU!

[lainie]

...And what interest will the state be paying to these financial warrant holders?

[lainie]

from the article:

One final irony, Tobin sees: electronic deposit refunds are inexpensive to do. Instead sending out IOUs is a more costly procedure for a state looking to save money.

That's pretty sad, yo.

[Leisler]

It is the same. They just let us work around the plantation, and then we give them the same slips of paper back, called dollars.

Previous slave/serf societies didn’t have printing presses. Now they do.

[IYAS9YAS]

And yet, if you try to do the same thing to the state for money you owe, you get draconian penalties and interest tacked on.