California to handout IOU's instead of tax refunds.

[Bindare_Dundat]

hahahahahahaha oh boy IOU's on IOU's.

[Hereford]

Time to start firing a few thousand government workers.

Oh wait, the union said we needed another 700 Highway Patrolmen.... Well, lets hire some more then.....

[Option D]

this is some crap
CA to issue IOUs instead of tax refunds?
Monday, January 05, 2009
  By Nannette Miranda
SACRAMENTO (KABC) -- California has been operating for 61 days without a new budget. State officials say California's financial situation is so serious that taxpayers may receive IOUs instead of refund checks on state taxes.

Hoping to get her state income tax refund as soon as possible, Akisha Marshall is getting a jump start on her filing. The single mom depends heavily on her refund.

"It's just like a job check," said Marshall.

Last year, 2.7 million people got their state refund in February, totaling $2 billion. But Marshall and other Californians may have to wait for their refund this year. The state will run out of cash next month. And it is at the point where the Controller will have to issue IOUs to pay the bills, including state tax refunds.

digGetAd("Rectangle");
"An IOU is a registered warrant issued on behalf of the state's treasury that lets the individual receiving the IOU know that they will receive their funds at a later date," said Jacob Roper, State Controller's Office.

Roper says the state does not know how much later those funds will come through.

State lawmakers recently came back from a long holiday break to continue budget negotiations. Republicans still don't want to raise taxes, and Democrats don't want deeper cuts to social programs. However, both agree that IOUs are a terrible option. The state issued them only once since the Great Depression.

"It's a horrible thing. It is morally irresponsible for us not to have an agreement," said Assemblywoman Noreen Evans (D-Santa Rosa).

"I think that that's a terrible prospect. Obviously, I don't want to see it," said Assemblyman Roger Niello (R-Sacramento).

Akisha Marshall doesn't want to see the IOUs happen either.

"My landlord isn't going to take it. The utility companies aren't going to take it. It just isn't good," said Marshall.

Taxpayers can't issue the state an IOU, so some may be wondering if an IOU is fair at all.

If the state has to issue IOUs, the money owed to you will earn interest. It's too early to tell what the rate would be, but it could go up to 5 percent.    

[Hereford]

Ya, but Cali has only had a budget in place like 2 times since 1960...

Politics out here are so radical, Sacramento is usually a circus act every year.  Totally unchecked spending.

[Dos Equis]

Amazing.  I'd be pretty angry if I was a California taxpayer. 

[shootfighter1]

Wow, thats bad.

[Hereford]

Amazing.  I'd be pretty angry if I was a California taxpayer. 

Ya? And what would you do about it?

[Dos Equis]

Ya? And what would you do about it?

Move.   

[Hereford]

Move.   

Ok, wasn't looking at it like that.

I want to move back to the 808... Everything is free there, right?

[Dos Equis]

Ok, wasn't looking at it like that.

I want to move back to the 808... Everything is free there, right?

Not everything, but there is lots of free stuff:  the clean air, the beautiful ocean, the majestic mountains, and the Aloha spirit.  For the most part, we can't see the air we breathe (unlike much of California), except for the Big Island, which occasionally sends its vog our way.  And we get our tax refunds on time.      

[Bindare_Dundat]

"My landlord isn't going to take it. The utility companies aren't going to take it. It just isn't good," said Marshall.

Taxpayers can't issue the state an IOU, so some may be wondering if an IOU is fair at all.

If the state has to issue IOUs, the money owed to you will earn interest. It's too early to tell what the rate would be, but it could go up to 5 percent.    

Don't feel so bad, your money is collecting interest. Your new accountant is guarding your savings, so it's a good thing.

[Option D]

Don't feel so bad, your money is collecting interest. Your new accountant is guarding your savings, so it's a good thing.

This aint me chief. this is an article. I live in Atlanta

[Mark Kerr]

Ya? And what would you do about it?

Revolution!

[Soul Crusher]

This aint me chief. this is an article. I live in Atlanta

I was there last year for the hockey all star game. 

[Option D]

I was there last year for the hockey all star game. 

GO THRASHERS

[Soul Crusher]

GO THRASHERS

It was fun, but my GF is the hockey fan.  I like UFC and the Yankees. 

[Rimbaud]

this is some crap
CA to issue IOUs instead of tax refunds?
Monday, January 05, 2009
  By Nannette Miranda
SACRAMENTO (KABC) -- California has been operating for 61 days without a new budget. State officials say California's financial situation is so serious that taxpayers may receive IOUs instead of refund checks on state taxes.

Hoping to get her state income tax refund as soon as possible, Akisha Marshall is getting a jump start on her filing. The single mom depends heavily on her refund.

"It's just like a job check," said Marshall.

Last year, 2.7 million people got their state refund in February, totaling $2 billion. But Marshall and other Californians may have to wait for their refund this year. The state will run out of cash next month. And it is at the point where the Controller will have to issue IOUs to pay the bills, including state tax refunds.

digGetAd("Rectangle");
"An IOU is a registered warrant issued on behalf of the state's treasury that lets the individual receiving the IOU know that they will receive their funds at a later date," said Jacob Roper, State Controller's Office.

Roper says the state does not know how much later those funds will come through.

State lawmakers recently came back from a long holiday break to continue budget negotiations. Republicans still don't want to raise taxes, and Democrats don't want deeper cuts to social programs. However, both agree that IOUs are a terrible option. The state issued them only once since the Great Depression.

"It's a horrible thing. It is morally irresponsible for us not to have an agreement," said Assemblywoman Noreen Evans (D-Santa Rosa).

"I think that that's a terrible prospect. Obviously, I don't want to see it," said Assemblyman Roger Niello (R-Sacramento).

Akisha Marshall doesn't want to see the IOUs happen either.

"My landlord isn't going to take it. The utility companies aren't going to take it. It just isn't good," said Marshall.

Taxpayers can't issue the state an IOU, so some may be wondering if an IOU is fair at all.

If the state has to issue IOUs, the money owed to you will earn interest. It's too early to tell what the rate would be, but it could go up to 5 percent.    

If she waits every year for a refund check that's just poor financial planning on her part.

[Eyeball Chambers]

Pay your taxes with an IOU and see what happens. 

[Option D]

Pay your taxes with an IOU and see what happens. 

amen