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.
Really?!
So the people who paid above and beyond the exorbitant left-coast taxes aren't even getting their refunds back?!
I sincerely hope that delayed payments come with interest because that is bull sh!t.
What's the big deal? They are only delaying the refunds, and the article didn't say for how long. If, for instance, they are just putting it off for a month, or waiting for the people who owe to pay, then so what? Besides, who the hell already has their tax return in? I haven't gotten a single form in the mail yet.
ReplyDeleteHa! I don't get a refund! I'll add this to the list of benefits of working freelance... in california... during an economic crisis.
ReplyDelete"What's the big deal?... so what?"
ReplyDeleteBasic accounting and budgeting. They are running the 8th largest economy in the world. Its not like this a family business where they are short this month."Hey, citizens! Ahhh we're a little short this month, can we catch up next month?"
"or waiting for the people who owe to pay"
Its not as simple as you make it sound. I'm sure that happens all the time in many states. Any State has the ability to borrow... California doesn't because they are broke!
That is also not how the tax system works, your refund is in no way dependent on other people paying.
I wish I could tell Countrywide "so what" about 1 month of interest. It's over $2,000!
ReplyDeleteExcellent point.
ReplyDeleteI gotta agree with Michael on this point, for the first time in like 12 years. For such a large state to be like "sorry! we're not solvent enough to send out refund checks this month!" is pretty fucked up. This isn't like a small- to medium-sized privately held company having trouble balancing the books one month. I worked for such a company in the early 2000s, so I speak from experience.
ReplyDeleteDid the earth crash in to the Sun? Wow, I'm so honored Jimmy.
ReplyDeleteTo expand on Jay's point though... what happens when you don't pay MBNA or Citi one month? You just don't owe interest, you owe a penalty. Cali owes these people their money on the day they expect to have it returned.
How bad is your budget when you over spend all of your income, in addition to the over payments? So much so that you can't even borrow?