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AEC1
01-06-2009, 12:10 PM
So I heard this on the news but can find nothing for sure on a net search. News report said that CA has no cash and will be sending IOU's out htis year till they can get some cash flow. This is nuts, I want my money, I have more OLL's to buy...

hawk1
01-06-2009, 12:11 PM
Hmm, waiting for the gub'mint cheese...:D

Decoligny
01-06-2009, 12:13 PM
Here is a link to the story: http://abclocal.go.com/kgo/story?section=news/politics&id=6586660

I am changing my exemptions so that CA takes next to nothing out in taxes this year. That way, when I owe them money and can't pay I can send them an IOU and see how they like it. :nono:

AEC1
01-06-2009, 12:33 PM
Hmm, waiting for the gub'mint cheese...:D

How is it gevernment cheese to want my money back? If I loan money to my brother and I want it repaid is that asking him for a handout?

Biff...
01-06-2009, 12:45 PM
How is it gevernment cheese to want my money back? If I loan money to my brother and I want it repaid is that asking him for a handout?

I would stop making interest free loans, especially to the scumb bags in Sacramento.

AEC1
01-06-2009, 12:49 PM
I would love to, I myself do not as I am a FL resident, but my wife has to as she works in CA.

BroncoBob
01-06-2009, 12:51 PM
Do we get interest on the IOU's?

jacques
01-06-2009, 1:01 PM
Do we get interest on the IOU's?

And penalties.

Ironchef
01-06-2009, 1:03 PM
I'm filing as SOON as I get my W2s...which is late Jan..so I doubt I'll get paid. Oh well, federal is where the cashcow is..and I had a new child last year too!

Nodda Duma
01-06-2009, 1:06 PM
As I *thought* I understood it, that tax refund money is not nor ever was California's to begin with. Therefore, how was the state able to dip their slimy fingers into that cookie jar and not pay up?

-Jason

Biff...
01-06-2009, 1:06 PM
I would love to, I myself do not as I am a FL resident, but my wife has to as she works in CA.


Change her deductions, and just write a check to these guys at the end of the year. Works for me, and I keep control of my money. Only thing is that you have to remember that you'll have a tax liability at the end of the year and plan accordingly.

Decoligny
01-06-2009, 1:14 PM
I'm filing as SOON as I get my W2s...which is late Jan..so I doubt I'll get paid. Oh well, federal is where the cashcow is..and I had a new child last year too!

I have filed my Federal return last Friday, but the California forms are not yet availble in TurboTax. Hope they have them before the bank runs dry.

I wonder if there is any way to use the "voucher" to cover my vehicle registration? I mean if I owe the State for one thing and the State owes me for another, shouldn't it offset? Would be nice.

AEC1
01-06-2009, 1:17 PM
Do we get interest on the IOU's?

The story said that intrest will be paid, at a rate of around 5%, that is a pretty good return right now...

rbgaynor
01-06-2009, 1:57 PM
Here is a link to the story:
I am changing my exemptions so that CA takes next to nothing out in taxes this year. That way, when I owe them money and can't pay I can send them an IOU and see how they like it. :nono:

I suggested to a friend at a New Year's party that we should pick a month, say ohhhh April, and get as many Californians as possible to set their exemptions to zero for the first two weeks of the month. Shouldn't cause people to underpay by so much that they would be hit with penalties, but it would point a serious kink in the cash flow up to Sacramento.

bassgruvn
01-06-2009, 2:00 PM
This should prove to be a very interesting year indeed. ;)

Ironchef
01-06-2009, 2:03 PM
I have filed my Federal return last Friday, but the California forms are not yet availble in TurboTax. Hope they have them before the bank runs dry.

I wonder if there is any way to use the "voucher" to cover my vehicle registration? I mean if I owe the State for one thing and the State owes me for another, shouldn't it offset? Would be nice.

True, I have auto registration due in February of $238..maybe I'll send them their own IOU if they send me one and tell them to deduct $238! lol

shooting4life
01-06-2009, 2:07 PM
This state is soooo messed up

Scotty
01-06-2009, 2:09 PM
The State Controller already threaten the state senate that they will be issuing IOU's for the payroll. I think that woke them up on getting the budget approved.

Personally I think we should get a bill passed that if the senate does not pass the budget on time, the senate should not get paid nor would they get any of their perks and benefits until the budget is complete. AND they don't get any back pay either. In the REAL WORLD, if you don't get your job done on time, YOUR FIRED. These guys have it easy.

lazuris
01-06-2009, 2:15 PM
Nothing new here this happened back in the early 90's to businesses for state taxes. I'm glad this is happening now to the private sector so the average joe can finally see how screwed up this state is. As an employer I get my fair share of itr every day for doing business in this state. Perhaps now that John Q Public gets a taste of what small and medium sized business face there might be the desire to change it. However, I highly doubt anything changes at all just my taxes will go up :(

Captain Evilstomper
01-06-2009, 2:47 PM
The State Controller already threaten the state senate that they will be issuing IOU's for the payroll. I think that woke them up on getting the budget approved.

Personally I think we should get a bill passed that if the senate does not pass the budget on time, the senate should not get paid nor would they get any of their perks and benefits until the budget is complete. AND they don't get any back pay either. In the REAL WORLD, if you don't get your job done on time, YOUR FIRED. These guys have it easy.

agreed, they shouldn't get paid until they pass a BALANCED budget

BitterVoter
01-06-2009, 2:57 PM
Well, if you didn't give them money then they can't send you an IOU, if you owe them money, send them an IOU. . . If they can send you one, I see no legal argument that you can't send them one. . .

Maybe enough of us could argue that we would waive our right to the refunds if they eliminated some number of gun laws. . . haha.:thumbsup:

glockman19
01-06-2009, 3:01 PM
YES the state will run out of money in the first week of February. Durring the summer State employees weren't paid for weeks as to last budget was late.

Our finances are so bad in the Cities Counties and States that Los Angeles is incresing parking fees from $.25 to $1 an hour, extending times from 8am-8pm and in addition to adding Sundays. New meters "smart meters" notify enforcement exactly where the meter & vehicle is and can be "more efficient" in ticketing.

Expect more. More to park at the beach, use parks, and any other "public service" it will cost more. It's all about increasing revenue.

Most of the budget comes from SALES TAXES. Higher unemployment and slower spending reduces sales taxes. Cities don't like that and in order to make up for those "lost revenues" they have limited means. Increasing fees, taxes and...Code Enforcement. I expect more police tickets, Business & safety violations.

I hope the system comes to a screaching hault. We neet to re-boot

nick
01-06-2009, 3:29 PM
Interesting, I thought the official rationale for parking meters was to ease the parking problems, not to generate revenue. Mind you, the cities have long since abandoned the pretence, and weren't taken to task by the residents of those cities. So there'll be more of that crap.

I wonder though, is that even constitutional to intentionally stack the rules so that the person fails and the state can collect the fee? Isn't that extortion?

grammaton76
01-06-2009, 3:57 PM
Expect more. More to park at the beach, use parks, and any other "public service" it will cost more. It's all about increasing revenue.

Most of the budget comes from SALES TAXES. Higher unemployment and slower spending reduces sales taxes. Cities don't like that and in order to make up for those "lost revenues" they have limited means. Increasing fees, taxes and...Code Enforcement. I expect more police tickets, Business & safety violations.

And conveniently, when the "crisis" is over, the higher taxes and parking fees and such will remain at their "crisis" prices.

It's all a scam to jack up what we pay.

CmpsdNoMore
01-06-2009, 4:56 PM
Why did I move to California this past year?

grammaton76
01-06-2009, 5:12 PM
Why did I move to California this past year?

Eh, the rest of the country does the same thing sooner or later. Generally whenever you're talking about something that sucks, CA today is the rest of the country in 20 or so years. We've just got smarter politicians (lawful evil aligned, of course) who have to show the rest of the country just how to extort.

Note that I'm not saying this is a GOOD thing.

bohoki
01-06-2009, 5:34 PM
a few years ago i remember they did this before

i think the federal reserve ough to come in and carge california with manufactring its own currency via the iou that was accepted by banks

something just seems a little hinkey with banks accepting an iou

it reminds me of that liberty money what ever happened to that?

alex00
01-06-2009, 5:40 PM
I really like the idea of trying to pay the DMV fees with the IOU. I don't think it would go very far, but it would be fun to present the IOU slip to the DMV clerk and tell them to just deduct my fees from the total IOU. I will be changing my deductions this week so I don't give the state any more money up front than I absolutely have to.