Comment: Most states are on the verge of bankruptcy, so you will soon be seeing the same tax structure in almost every state. The country of USA is BANKRUPT!
California Taxpayers Due Refunds May Get IOUs
By Patrick Healy
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.
"My office has projected that, in approximately 60 days, there will be insufficient cash available to meet all expenditures reflected in the 2008-09 Budget Act," stated a Tuesday letter from Controller Chiang to the directors of all state agencies. "To ensure that the State can meet its obligations to schools, debt service, and others entitled to payment under the State Constitution, federal law, or court order. California may begin, as early as February 1, 2009, issuing registered warrants...commonly referred to as IOUs...to individuals and entities in lieu of regular payments."
IOU TAX RETURN ARTICLE
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I have a refund coming,which I have now learned I will be recieving an OIU instead! What if I owed the state?? Could I send them an IOU?
ReplyDeletewhat a question! yes, you can send as much IOUs as wanted. you're not going to jail for failing to pay your tax, because they have no room in the main jail for tax auditors simply because they cannot afford to maintain your stay. However, they can deduct your tax amount directly from your paycheck, just like those people who have to pay the child support.
ReplyDeletetax refund would for sure do good to many..even it was possible for my friends through income tax refund and they seem to be happy now..
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