CA Taxpayers May Get IOUs Instead Of Refunds

[angelatc]

http://www.msnbc.msn.com/id/28448852/

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.

 

[tuckessee]

That should work both ways.

I wonder how the state would like to receive citizen issued IOU's with tax returns or as payment for traffic tickets, etc.

 

[cheapseats]

That should work both ways.

Exactly so. Tit for tat, fight fire with fire.

I wonder how the state would like to receive citizen issued IOU's with tax returns or as payment for traffic tickets, etc.

Sacramento obviously will not like receiving IOU'S in lieu of funds any better than the People who are lawfully entitled to refunds will like IOU'S in lieu of cash. This much I also know, Sacramento's reaction will be altogether different if a few renegades decide that Turn Around Is Fair Play than if a few MILLION People of Reason decide the same thing.

 

[pinkmandy]

Well, I'm sure MANY people are going to change their withholdings and opt instead to pay in at year's end for 2009 (if they can). This will give state govts even less cash on hand during the year.

 

[tremendoustie]

Well, I'm sure MANY people are going to change their withholdings and opt instead to pay in at year's end for 2009 (if they can). This will give state govts even less cash on hand during the year.

That's me. If they send me an IOU I immediately reduce my witholdings to nil, and send them their IOUs back as payment next year.

 

[cheapseats]

Well, I'm sure MANY people are going to change their withholdings and opt instead to pay in at year's end for 2009 (if they can). This will give state govts even less cash on hand during the year.

That's me. If they send me an IOU I immediately reduce my witholdings to nil, and send them their IOUs back as payment next year.

NOT THAT I AM ADVISING OR ENCOURAGING, for the ol' Record, but I am hard-pressed to understand why any Taxpayer of Reason wouldn't increase their number of dependents by at least 16.

Banks x 9
Detroit x 3
AIG
Freddie Mac
Fannie Mae
Bear Stearns

 

[Gideon]

I am really looking forward to my IOU refund!

 

[Sandra]

Maybe it's just a transferable IOU. Kinda like fiat currency.

 

[Cali4RonPaul]

I am due a refund I just filed out $280+ I will let everyone know what happens, I should be expecting it soon..

 

[MrNick]

Hahaha.

Is this lazy greed coming back to haunt California?

 

[RideTheDirt]

Lmao!
I can't wait for my IOU!
I can't wait to hear "I'm sure Obama will cash them, he's gonna save us!"

I really like this idea:

increase their number of dependents by at least 16.

Banks x 9
Detroit x 3
AIG
Freddie Mac
Fannie Mae
Bear Stearns