CA: State sees sharp drop in income tax revenue

Sac Bee ^ | 5/5/09 | Dale Kasler

[Jim from C-Town]

This is just the beginning. The State of Ohio just announced that they expect a $1 billion deficit due to less tax collected than expected. This is before the Chrysler plants that shut down today, presumably only fora two week time period.
Starting later this year you will start to see large and small suburban cities going bankrupt. At first it will be suburbs that cater to working and middle class home owners, then it will be the major cities. We are in for a long four years and a longer clean up of the One's bad policies.

[KarlInOhio]

My 3 inlaws who live in SanDiego got IOUs instead of a check for their state income tax refund. They are livid.

They need to jack up their exemptions to reduce the amount of state income tax taken out, both to make sure that the state owes them nothing in April 2010 and to reclaim the amount from that IOU.

[oldteen]

[My 3 inlaws who live in SanDiego got IOUs instead of a check for their state income tax refund. They are livid.]

I don’t live in San Diego however I do live in CA. We got our refund a few weeks ago in a real check along with an apology for it being delayed. How long ago did they get it?

[Myrddin]

My 3 inlaws who live in SanDiego got IOUs instead of a check for their state income tax refund. They are livid.

An alternative strategy is to declare your "refund" as a prepayment of taxes for this year. Don't send the state any money until your obligation matches their obligation.

[cups]

I got my state refund about 3 months after I filed. It’s ridiuclous. But hey, the Obamassiah lowered my Fed taxes by $20 a paycheck...So that $40 I save a month is going to pull m eout of my hole...THANKS OBAMA!

Oh and BTW, they raised the state income tax.

[Vinnie]

An alternative strategy is to declare your "refund" as a prepayment of taxes for this year.

Exactly what North Carolina did to me on a portion of my refund.

[PeaceBeWithYou]

Bad news, 0's tax cut isn't, he just lessened what was being taken out each month. If you normally got a refund it will be less next april 15. If you normally pay in, you'll likely be paying in more next april 15.

Sorry.

[TenthAmendmentChampion]

You guys, what if we all changed our exemptions to 9 for two months, all at the same time. Do you think they would feel the sudden drop then? What will it take to wake these people up?

[Myrddin]

Exactly what North Carolina did to me on a portion of my refund.

Did you retain the "pre-pay" from your initial tax liabilities starting in January?

[cowtowney]

http://sco.ca.gov/Press-Releases/2009/05-09summary.pdf

California Cash Receipts