January 24, 2009

IOU

Ok, so once since the great depression, has the state of California handed out IOU's for state tax refunds. Guess what... Looks like there are going to do it again.

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State Controller John Chiang has said that as early as Feb. 1, his office may begin issuing promissory notes if lawmakers have not resolved the budget crisis. The state has done this only once before since the Great Depression -- in 1992.

"We have not made any decision about deferring payments or using IOUs, but they are possibilities if the governor and Legislature don't come to some agreement soon," Chiang spokeswoman Hallye Jordan said Tuesday.

Under the state Constitution, schools and bondholders get first rights to any cash in the state's coffers.

Among the first to get IOUs instead of payments would be business and individual taxpayers who are expecting refunds, local governments and recipients of grants from the California Student Aid Commission. Last year, more than 10 million taxpayers received state refunds totaling $8 billion.

Court-appointed lawyers, 1,700 judges, legislators and their staffs would also go unpaid. And officials are preparing to delay a popular program that helps elderly and disabled Californians by paying their property taxes.

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FULL STORY HERE

I wonder if the govt would take an IOU from the tax payer when the tax payer doesn't have the money to pay in on the owed taxes? I highly doubt it. They would sick the IRS all over you like bee's to honey.

I know the govt states i owe them money. But yet they have failed to prove it to me onmany occasion when i have simple asked for proof. But they insist that i pay. I wonder if i would get away with an IOU on the next payment.

What have the states done in the last 10 years that they are so far in debt? How many law makers, senators, congressman have gotten raises and pet projects paid for while everything else has gone to hell? I think it's high time any govt official take at least a 15% pay cut and all that money gets put back into the state. All pet projects that lawmakers and state officials want get paid out of their own pockets.

Raises can only be voted on the the residents of the states. Pet projects can only be voted on by the residents of the states.
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