Calf. To Issue "IOU's" For Tax Refunds?

[Annie]

Forced loans to a failing state is more like it:

Calif. Taxpayers Due Refunds May Get IOUs - NBCBAYAREA- msnbc.com

Calif. Taxpayers Due Refunds May Get IOUs
By Patrick Healy
NBCBayArea.com
updated 4:19 p.m. CT, Thurs., Jan. 1, 2009


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."
...

 

[Toro]

I hope they don't bail out California.

Or any state for that matter.

 

[Annie]

I wonder if we could PAY our taxes the same way?

 

[random3434]

I would be pissed!

I'm planning on using MY money I lent to the government to help pay for my daughter's braces!

 

[editec]

Lots of states and local government are in trouble folks.

Commonly states and local governments borrow money during the year in anticipation of tax revenues.

Since they cannot borrow money now, and since tax revenues are dropping, too, a whole lotta state and local governments in the USA are in serious fiscal trouble.

This is what comes of having people pretending to be fiscal conservatives in office who are, in fact, nothing of the sort.

 

[WillowTree]

Ahhhhh! come on folks.. aren't you feeling generous? It's the cost of soliciting votes donchaknow? High priced. High maintenance votes! Enjoy.

 

[RetiredGySgt]

California made this mess themselves. They allowed the citizens to create mandatory expenditures for the State through Ballot initiatives. The State has so many mandatory expenditures that even if they WANTED to be fiscally responsible they couldn't be.

 

[editec]

California made this mess themselves. They allowed the citizens to create mandatory expenditures for the State through Ballot initiatives. The State has so many mandatory expenditures that even if they WANTED to be fiscally responsible they couldn't be.

I don't live in CA so I'm not sure I know what you're talking about.

Like what mandatory expenditures, for example?

 

[RetiredGySgt]

I don't live in CA so I'm not sure I know what you're talking about.

Like what mandatory expenditures, for example?

I don't know them by name, however if you do some research you will find that they exist. When Annooold got elected he couldn't balance the Budget without cutting schools and critical services cause something like 60 percent of the budget is mandatory spending by voter initiatives passed in previous years.

 

[Ravi]

I don't live in CA so I'm not sure I know what you're talking about.

Like what mandatory expenditures, for example?

The had to put up signs yesterday saying it was illegal to text while driving.

 

[Toro]

California made this mess themselves. They allowed the citizens to create mandatory expenditures for the State through Ballot initiatives. The State has so many mandatory expenditures that even if they WANTED to be fiscally responsible they couldn't be.

Plus, they passed an initiative whereby a tax increase has to pass 2/3s of the state legislature.

So, in other words, they pass all these laws for things they want then pass laws making it impossible to pay for them.

California is pretty fucked up.

 

[Gem]

This does, however, officially make California the most patriotic state in the union according to Joe Biden. So at least thats something the Californian's can be happy about.

 

[editec]

I don't know them by name, however if you do some research you will find that they exist.

In other words you don't really know?

Can you characterize what KINDS of things you're talking about then?

That might help me to figure out what you're talking about when you describe California's "mandatory expenditures"

Because all the word mandatory means to me in this context is something they have to expend money on

Prisons or state police and things like that are "manditor expenditures" and I am fairly certain you didn't mean those, right?

 

[Zoomie1980]

Forced loans to a failing state is more like it:

Calif. Taxpayers Due Refunds May Get IOUs - NBCBAYAREA- msnbc.com

Hope they go under. Maybe then California will stop funding all those sanctuary cities and rejoin United States as a legit American state

 

[Zoomie1980]

I don't live in CA so I'm not sure I know what you're talking about.

Like what mandatory expenditures, for example?

This is an example, Prop51 from 2002.

LWV California. In Depth Analysis of Prop 51. November 5, 2002

California law is riddled with this stuff. And on the other side are all kinds of lids on tax rates.

Essentially California needs to go bankrupt so that all these referendum based tax and spending laws can be rescinded. Cal is a great example of why we use a Representative Democracy instead of a pure democracy (democracy via referendum and polling).

 

[Modbert]

Forced loans to a failing state is more like it:

Calif. Taxpayers Due Refunds May Get IOUs - NBCBAYAREA- msnbc.com

Legalize and tax weed, they'll save $1 billion a year and gain $1 billion in taxes. So $2 billion profit if not more.

 

[Modbert]

I hope they don't bail out California.

Or any state for that matter.

If any state gets a bailout, it would be Rhode Island or Michigan.

Being in Rhode Island, more and more houses are getting foreclosure weekly.

Unemployment here is the highest in the country (offically and perhaps even unoffically).

Businesses continue to fail, oh and our Governor is a complete fuckup who is too busy spending his time going after the Indians who live here.

And giving family members jobs in the government.

If you all think Chicago is corrupt, come to Rhode Island. Difference between the politicians in Chicago and RI is the ones in RI rarely get caught and never get caught directly.

 

[RoadVirus]

Hope they go under. Maybe then California will stop funding all those sanctuary cities and rejoin United States as a legit American state

Don't hold your breath, because it'll never happen.

 

[RetiredGySgt]

In other words you don't really know?

Can you characterize what KINDS of things you're talking about then?

That might help me to figure out what you're talking about when you describe California's "mandatory expenditures"

Because all the word mandatory means to me in this context is something they have to expend money on

Prisons or state police and things like that are "manditor expenditures" and I am fairly certain you didn't mean those, right?

Zoomie provided you an example. But thanks for just assuming , as usual, that you caught me in a lie. Maybe , if instead of just assuming someone isn't telling you the truth cause you don't wanna believe it, you actually checked it out, you might not look so, well ignorant.