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California Might Have To Issue IOUs Instead Of Actual Refunds!

| Filed under: Politik

iou.jpg

California's broke ass might have to issue IOUs instead of tax refunds.

For reals!

With California about to run out of funds next month, deadlocked lawmakers can't decide what to do. Republicans don't want to raise taxes and Democrats don't want to pull from social programs, but neither side wants to see Californians saddled with a useless IOU.

Issued through the Controller's Office, an IOU would serve as "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" plus interest. It is not known, however, when the state will be able to make good on their promises should it resort to sending out IOUs.

California has issued IOUs only one other time since the Great Depression.

Many argue that an IOU would be totally unfair, especially since taxpayers can't do likewise.

Let's hope they figure this shiz out soon! The utility company won't take Monopoly Money!

[Image via WENN.]

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47 comments to “California Might Have To Issue IOUs Instead Of Actual Refunds!”



  1. 1

    This is really old news.



  2. 2

    We have the best politicians money can buy!



  3. 3

    They are going to have to resolve this or the ### will hit the fan.



  4. 4

    FISTS FOR ALL THESE FUCKTARDS!



  5. 5

    So sad…



  6. 6

    The fed gov may have to step in and bailout some of the states that are in trouble. Otherwise it will be a downward spiral.

  7. Mugsy says – reply to this


    7

    Yea…I totally think that anyone who OWES money should get to send in an IOU, if the people that deserve a refund do not get one.



  8. 8

    Don't be surprised when the fed does that after all the bailouts…



  9. 9

    Re: guilty of being white – Old news but ongoing and important.



  10. 10

    His neck looks gross!



  11. 11

    Re: Mugsy – It is a government by the people. We can make whatever rules and laws we want as long as it can get the vote or be legislated.



  12. 12

    Fucked. We're all fucked!! Those bastards!



  13. 13

    Re: BBBoricua loves Angels & Demons – I'm back, Did you miss me?



  14. 14

    I heard it is so bad that the Hookers were taking I.O.U. from their Johns.



  15. 15

    Let's see, let all the illegal immigrants enter the country, allow them to have a child for free at any hospital which automatically gives them US citizenship, educate them for free, toss is the Democrats that have been in power forever and bought and paid for by their Union bosses, and that's California. So if you like the way Ca looks or the fact that its financially insolvent for the next 100 years, you're going to love the USA after Obama and the Dems get ahold of power cheered on by the media.



  16. 16

    It is total BS that I live in Los Angeles, California like millions of others and WE Cali peeps along with "Perez" will be getting screwed by him and all the old A$$holes in office. Where the eff is the money???????????



  17. 17

    Why don't they have all the actors that live in CA to cough up some of that money they made on all these shit movies we see?



  18. 18

    Don't worry CALIFORNIA Arnold including his family and friends won't do without… Just YOU



  19. 19

    >>> SEDONA



  20. 20

    Not cool. I work hard in the state of CA and get nothing in return. Awesome (sarcasm)
    Let's hope the feds bail us out ( CA) before they bail out Joe Francis ( of Girls Gone Wild)



  21. 21

    Fuck this! A damn IOU isn't going to pay for essentials. WTF?!



  22. 22

    Terminator is looking very saggy.



  23. 23

    Heehee! Sucks to be a Californian! But then again, it ALWAYS does.



  24. 24

    Does this mean taxpayers get to issue IOUs to the government? Fair is fair…



  25. 25

    Re: the last star – I missed you desperately! :)



  26. 26

    Re: Sedona – Sedona It could not have been said better than you did right here…



  27. 27

    Re: BBBoricua loves Angels & Demons – Well I'm back now so just take a deep breath and tell yourself that everything is gonna be alright.



  28. 28

    Why are you getting so behind on the "news"??



  29. 29

    .
    .
    WE ALL KNOW WHAT HE USED TO LET OLD MEN DO TO HIM FOR A STEAK DINNER BACK WHEN HE COULDN'T SPEAK THE ENGLISH!!!
    .
    .
    AND BOY HOW THINGS HAVE GONE 'FULL CIRCLE'! NOW HE LOOKS LIKE A TIRED ROLLS DRIVING DECORATOR IN FT. LAUDERDALE!
    .
    .
    LG, BACK AND BETTER THAN EVER!
    .



  30. 30

    .
    .
    .
    OH, AND THAT WATCH IS THE ABSOLUTE APEX, THE APEX BITCHES, OF
    BAD TASTE!!!!!
    .



  31. 31

    this is bullshit.

    If I OWED california taxes (which I never do), I would totally send the state an I.O.U. - how would THEY like it?!?!?



  32. 32

    So pathetic. A prefect example that the people of our state that we put so much faith in will let us down. How about the next time i get my property taxes notice due this month, I will just send them an IOU or how about some nicE MONOPOLY money.



  33. 33

    I live in CA and that is BULLSHIT, fuck this government I'm moving to Canada!!



  34. 34

    How about this California… just keep our tax money this year. Why are you giving refunds with money you don't have? I normally over pay by $100 or so ea year based off my W2. Just keep that shitz and don't say I never gave you anything.



  35. 35

    TOTALY BULLSHIT….. Do I get to charge a peanlty on my refund as well !!

  36. MP says – reply to this


    36

    California is the biggest entitlement state in the country. Now they're bankrupt. Cut the social programs. How can you raise taxes on people in this economy? People are broke. The well is dry.



  37. 37

    I think Arnold and the legislators in CA should go without a paycheck until the budget is approved. *Then* it'd be an urgent matter, wouldn't it? Bastards.



  38. 38

    wtf watch ……………….zeitgeist addendum



  39. 39

    When Arnie takes an IOU instead of a paycheck (a hefty one I might add) and when the utility companies and grocery stores take IOU's.. so will I! I live in calif and if the fed. gov can hand them out instead of tax returns (that we've worked hard for and it's ours) then the said above should take them as well. Why should we sit here and starve in the dark waiting for the IOU pay off's while Arnie sits in his mansion eating like a friggen king…



  40. 40

    If the government was more careful about the spending, California will not be bankrupt at the moment. The governor should be accountable for how his governorship has gone over spending and not pass it to the residents of California. We paid our taxes and we should not be penalized for the error that the governor and his people made while governing this very rich state.



  41. 41

    The best way for Cali to get rich is to start taxi marijuana - that will automatically lessen population in jails and prison, get the billions that the drug lords are getting and have money in the bank $$$$$



  42. 42

    Let's see, let all the illegal immigrants enter the country, allow them to have a child for free at any hospital which automatically gives them US citizenship, educate them for free, toss is the Democrats that have been in power forever and bought and paid for by their Union bosses, and that's California. So if you like the way Ca looks or the fact that its financially insolvent for the next 100 years, you're going to love the USA after Obama and the Dems get ahold of power cheered on by the media.
    Re: Sedona
    This shit rocks. Please notice the states that are all broke with they hand out for federal money are all democrat run states. The southern states run by Conservatives(true fiscal conservatives and not neo cons)are reporting surpluses or just being on budget. The stupid asses in California love their Marxism and now they are broke. They actually believe there really is a free lunch. Dumbshits are so going to love their new tax rates in 09' LOL!

  43. Hyde says – reply to this


    43

    I don't think Rosie's ever gone this short before. Looks good, though.



  44. 44

    WTF?! With the movie industry and silicon valley how in the fuck is Cali out of money. NM's Gov brought in part of the movie industry, like



  45. 45

    The best way for Cali to get rich is to start taxi marijuana - that will automatically lessen population in jails and prison, get the billions that the drug lords are getting and have money in the bank $$$$$
    Re: crazeer

    Just mo' money for the government to waste and you act as if the government will change it's poor spending habits just because more money is thrown at them. California would still be broke because of the government's spending like a drunken sailor on port call. That's right taxpayers of California, keep shouldering your government's profligacy with your ever increasing tax rates. You don't actually believe only the richest 1% will see their taxes go up do you?



  46. 46

    yeh and all the democrats voted for raises for themselves! TYPICAL!



  47. 47

    This is really old fucking news. Important yes, but old as fuck.