- Days left
Things are about to get a lot hotter in California. In response to political deadlock over its $42 billion deficit, State Controller John Chiang announced today that he would suspend some $3.7 billion in payments, including tax refunds, starting Feb. 1.

"Let me make this point," Chiang told reporters at a press conference in Sacramento, the state capital. "Delaying these payments will hurt real people, many of whom are barely hanging on in these tight times.

The payments include $2 billion in tax refunds owed taxpayers, vendor payments, welfare checks and student grants. If it comes to this, the state will issue IOUs instead of checks.

Great. Wonder if landlords or the grocery store takes IOUs?
Guess what happens when workers, students and the needy don't get money they're due? Everybody retrenches, nobody spends, and the economy spirals downward in an ever-quickening funnel. At that point the only folks buying cars or houses are well-paid politicians (legislators in California earn $116,000 in base salary, plus a $173 per diem for daily expenses) or Hollywood movie stars, like California governor Arnold "da Gubernator" Scwarzenegger.

At this point, as a third-generation Californian, I have this to say: Dudes! Like, where's OUR bailout?

California is the eighth -largest economy in the world. As California goes, so goes the rest of the nation. It's in nobody's best interest if we go belly up. In other words, "we're too big to fail."

Yes, we've mismanaged our finances appallingly. Yes, we've spent on the wrong things and let our infrastructure go to hell. True, our political process is mired in gridlock and partisanship. But is that so very different from what the leaders of Citigroup and Bank of America, GM and AIG have done? Not at all!

So why not ask for a bailout? Our deficit is only $42 billion; small change compared to what our government is forking over to failed banks, automobile and insurance companies. And as long as Uncle Sam has the printing presses working overtime.

Save our butts, guys, and all of us here in the most populous state in the union will be ever so, you know, like totally grateful. Come on out from that frigid East Coast cold and chill SoCal style (it's been 85 degrees here all week!). Girls, much like the ones pictured, are happy to show you around. Just bring your checkbook.

Increase your money and finance knowledge from home

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

Intro to Retirement

Get started early planning for your long term future.

View Course »

TurboTax Articles

Video: Tax Guidelines About Gifting

Note: Some of the content of this video applies only to taxes prepared prior to 2012. It is included here for reference only. Find out the tax guidelines about gifting with help from TurboTax in this video on tax tips.

Video: What are Income Tax Rates?

Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. Income tax rates change depending on both the amount of money you make and how you made it. Find out about income tax rates with help from TurboTax in this video on tax tips.

Video: How To Reduce Errors on Your Tax Return

Did you know that errors on your tax return can affect the amount of your tax bill and the amount of time it takes to get a refund? Fortunately, TurboTax helps you avoid errors AND be sure you're getting all the tax deductions and credits you deserve.

Does Your Company Need to File Form 1095-B?

A company is responsible for filing IRS Form 1095-B only if two conditions apply: It offers health coverage to its employees, and it is "self-insured." This means that the company itself pays its employees' medical bills, rather than an insurance company. A company that doesn't meet both conditions won't have to deal with Form 1095-B. Its employees might still receive a 1095-B, but from their insurer, not the employer.

Video: Who Qualifies for an Affordable Care Act Exemption (Obamacare)?

The Affordable Care Act requires all Americans to have health insurance or pay a tax penalty. But, who qualifies for an Affordable Care Act exemption? Find out more about who qualifies for an exemption from the Affordable Care Act tax penalty, how to claim an exemption on your tax return and how the Affordable Care Act may affect your taxes with this video from TurboTax.

Add a Comment

*0 / 3000 Character Maximum