The state of California is going broke and the situation is so bad that the state will issue IOUs to taxpayers due a state refund. That’s right, the state took the money from taxpayers and spent it all and now it will issue IOUs to those who paid too much.
This is a great plan. Since the state will issue IOUs because of its financial problems then turn about is fair play. Each taxpayer who ends up owing the state should just send the state an IOU.
When they confiscate it they want it now but when they have to pay it back well, you will have to wait.
It is amazing the way government runs. When it confiscates the taxpayer’s money there is no room for delay and there are no excuses that get people out of paying. Governments at the state and federal level have a gestapo like force that is designed to force people to pay. Failure to pay leads to fines and jail time. Al Capone was never convicted for all the crimes he committed. He went to jail for tax evasion.
But when the state cannot afford to pay back the excess taxes people paid in there is no arm of the people designed to force the state to comply. It would be great if taxpayers had the ability to jail government officials who were unable to meet their financial obligations.
I recommend all California taxpayers who owe just send in an IOU.
They set the standard and, unlike government, we wage earners are not able to force our employers to cough up more money when we are in debt. Government just raises taxes and moves on.
I wonder if California will pay interest on the money owed?
Let this be a lesson to those who think that taxes are a way to save money. You know the types. They think that getting a refund is a great idea and ignore the fact that the state (or federal) government used the money all year, interest free.
I try to get my taxes about even. I would rather bank the money or invest it and earn interest or dividends.
And I don’t get an IOU for any interest that I earn.
Source:
MSNBC
Big Dog Salute to Doug Ross
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