Friday, January 16, 2009

Tax Refund - IOU

I understand the absurdity of this action ..... just wonder if citizens can send IOU's to the government if we are a little strapped for cash? Ha - try it and the IRS will have you in jail before you could mail the IOU!!

California is the bell-weather state - it starts here and spreads east ..... wonder when the federal government starts this??

Calif. tax refunds to be delayed starting Feb. 1
Jan 16, 3:40 PM (ET)
SACRAMENTO, Calif. (AP) - California's controller says he will begin a 30-day delay on tax refunds and other payments starting Feb. 1 because the state is running out of money.

Controller John Chiang said Friday he must delay $3.7 billion in payments next month because lawmakers have failed to address California's growing deficit.
With a $41.6 billion shortfall over the next year-and-a-half, the state is on the brink of issuing IOUs.

Chiang says his office must continue education and debt payments but will defer money for tax refunds, student aid, social services and mental health programs.
A severe drop in revenue has left the state's main bank account depleted. The state had been relying on borrowing from special funds and Wall Street investors; those options are no longer available.


B.B. said...

Yup, I would love it if I could just send everyone I owe money to a big fat IOU!

Willy D said...

A few years back I sent The CA Tax Folks a check with no signature just to see what would happen. Nothing. They sent me a letter saying I forgot to sign it. But it was OK. They have a “special stamp” to stamp the signature line a cash it anyway.

Mastercheif said...

I wonder if I can send an IOU for my speeding ticket!

FLHX_Dave said...

This is about the time that the colonies decided to have a Boston Tea Party a long time ago. Seems like history may be repeating itself. We should have a Silicon Valley chip wafer party. Uhhh....yeah...This is way beyond what I can believe. I wonder is this is constitutional? I can't wait to see how this one is going to pan out.

I don't know...a revolution of sorts just might be in order here. Once again...the protection we have demanded is now manditory.

"Joker" said...

Do them one better. Don't just send any old IOU, send one written on a pair of your dirty skivvies, and attach your property tax bill to it.


Motorcycle Philosophy said...

There shouldn't be any happiness in getting a tax refund. It only means you've been a fool to have paid too much, while the government held your money interest-free.

And now, the government wants to delay your overpayment. I hope that makes people wise up and revise their W2 forms.

Ann said...

When they want their money, they are up our butts, but when they owe us, it's an IOU...typical. Sounds like it really is the Union of California Socialist Republics. Glad I don't live there!

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