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| California May Give IOUs in Lieu of Refunds |
| 2009-01-01 |
| Like the old Soviet saying: You pretend to pay us and we will pretend to work... 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. |
| Posted by:badanov |
| #17 My aunt and several of my cousins live up near Marysville and Grass Valley. The taxes are crazy, but life itself isn't so bad. At least they don't have to put up with soot-filled air and megopolises that stifle daily life. Our local government has started the "fee" thing, and so far haven't been handed their heads. However, they tried to institute two others, and lost their right arm to the shoulder. |
| Posted by: Old Patriot 2009-01-01 21:18 |
| #16 3 IOU's and you're out! |
| Posted by: Poison Reverse 2009-01-01 16:34 |
| #15 Supremos - it's a State law. If the Donks can't get Rep votes to cover their ass, they'll pay bigtime in 2010. BTW - redistricting was taken away from the Legislature. Gerrymandering your own safe districts is over, bitches! |
| Posted by: Frank G 2009-01-01 16:25 |
| #14 Are you talking about the Cal Supremo's or the 9th Circus scrutinizers, Frank? |
| Posted by: Muggsy Glink 2009-01-01 16:00 |
| #13 the "Fee" scam won't pass court scrutiny |
| Posted by: Frank G 2009-01-01 14:48 |
| #12 actually the Dem legislature figured out how to end run on tax increases... they call them fees. fees are not limited by the amendment that prohibits the tax increases they wanted... saw it linked on boortz a few weeks back. |
| Posted by: Abu do you love 2009-01-01 14:37 |
| #11 While I mostly agree with Frank G's assessment about the game of political chicken, I also believe the quality of life in this state has been deteriorating for years. The schools and hospitals are way overcrowded, the freeways are nightmares, I can't go surfing for 72 hours after rain because the water is polluted, the ticky-tacky housing tracts stretch out as far as the eye can see and every day they pave over old farm land to build more houses. Don't ask 'em where they're gonna get the water because you don't wanna know. On and on it goes and it's getting worse all the time. The politicians are all totally irresponsible, out of touch with reality and beholden to special interests. Most of the people have recently moved here from somewhere else so they don't know any better. I suppose if you compare it to Hoboken it's not so bad but if you can remember how it used to be that's not good enough. I used to love this state but she let herself go and now I want a divorce. |
| Posted by: Abu Uluque 2009-01-01 13:46 |
| #10 Quation for you California 'Burgers. Are the people of CA embarrassed? Uh, yeah. I've wanted outta here for years but can't talk Mrs. Uluque into leaving. It's nuts. |
| Posted by: Abu Uluque 2009-01-01 13:26 |
| #9 So they better be prepared to accept millions of IOUs from taxpayers (and no the prisons will not be big enough... idiots). |
| Posted by: 3dc 2009-01-01 13:15 |
| #8 Condolences big jim...I've lived here (Bay Area) for the last 10 years. I've seen it go from bad to ridiculous. I'm owed a refund from Kali (being fiscally responsibile here is not helpful). Plenty of conservatives in my enclave in the East Bay but the rest of the moon bats drown us out. The weather is great and all but I'd rather live in Idaho where the air is free and clear of all the political CO2. Gee...think the state gov will accept my IOU for next year's taxes? not... |
| Posted by: Warthog 2009-01-01 12:49 |
| #7 So they are going to rip off the people who actually do work and pay taxes to support the 40% of the state that does not?!? That doesn't make any sense to me, I can't believe they find this to be acceptable. I'm starting a new job in the Bay Area in Feb, I'm glad I won't be filing 2008 taxes. Maybe they'll have their sh*t together by next year. |
| Posted by: bigjim-ky 2009-01-01 11:59 |
| #6 meh....no. All the claims and counterclaims are a game of political chicken. The Donks from LA/SF regions control the legislature, and Arnold's not strong enough politically to fight em. Fortunately, they can't (legally or politically) pass a tax increase without Rep votes, who won't go along without spending cuts first. All the dire claims are trying to get the CA voters to accept those tax increases without cutting spending. Shut the state down and the Shit will hit the fan. Chris Reed is a UT editorial writer with brains who also writes a blog - see his take here |
| Posted by: Frank G 2009-01-01 11:16 |
| #5 Might want to re-think that strategy, lotp. Just sayin'.... |
| Posted by: Barbara Skolaut 2009-01-01 11:14 |
| #4 I'm not from California, Mike, but I'll bet the answer for 99% of Calis is "no." It's obviously Bush's fault. |
| Posted by: Barbara Skolaut 2009-01-01 11:13 |
| #3 Quation for you California 'Burgers. Are the people of CA embarrassed? |
| Posted by: Mike N. 2009-01-01 11:10 |
| #2 We own Mr. Lotp's childhood home in CA and have planned to retire there in 12-14 years. I loved living there in the 80s but the state has driven out half its business tax base and the lib idiots are intent on driving out the rest of it too. Sigh. |
| Posted by: lotp 2009-01-01 10:56 |
| #1 Yipes. That's a wake up call. I'll make sure I up my deductions so that I owe the government next year! Better get your federal tax returns in early this year. With all of their generous handouts to their buddies, they have little left for we, the peasants. |
| Posted by: Shalet and Tenille1168 2009-01-01 09:10 |