Where is California's money to pay back IOUs coming from?

[SViscusi]

Originally posted by: herkulease

If it weren't for the 2/3 requirement the democrats will just ram shit through.

You mean slightly less than a super majority of a democratically elected body might be able to pass something. Those bastards.

 

[dmcowen674]

Originally posted by: Skoorb

Originally posted by: dmcowen674
Anyone here get these IOU's?

Only then can the "value" of this paper be tracked.

Surely they can be tracked in a way that doesn't necessitate a P&N member having one...

Yeah sure like what Feaux news posts about it?

You do realize they are lying to you right?

 

[shira]

What I want to know is: If you get an IOU in lieu of a tax refund, will CA honor that IOU as a tax credit the following year?

 

[Dr. Detroit]

Originally posted by: OILFIELDTRASH
I expect that the residents of California are going to pay for this one way or another. Your just going to have to live with the higher taxes. This conversation is too adult for my liking I havent got to say anything ridiculous and have typed a crapload of letters. Peace out.

Taxes have already been raised. Tax increases below are expected to raise 12.8 Billion.

Sales tax increased 1% (currently 9.25% in my county, 9.5% in SF)
VLF fees are up over 75%
Income tax surcharge will amount to another .5-1% on top of the 9.3% we currently pay.


Problem is unemployment and declining wages - especially stock option short term capitlal gains taxes.

State needs to significantly cut programs.

 

[Fear No Evil]

Why not just take every penny a movie star makes over $250,000 per movie? Seems fair to me.

 

[BoberFett]

Originally posted by: Fear No Evil
Why not just take every penny a movie star makes over $250,000 per movie? Seems fair to me.

They can't do that, who would support the Democrat agenda?

 

[gingermeggs]

Originally posted by: Fear No Evil
Why not just take every penny a movie star makes over $250,000 per movie? Seems fair to me.

I'm sure George Clooney would support it!

 

[soccerballtux]

Originally posted by: Skoorb

Originally posted by: BrunoPuntzJones
I've read that some folks are buying and trading CA IOUs. Any truth to this?

Sounds like a pretty good way to make a buck or two, or lose it depending on how things pan out.

NPR reported some were offering $.85 on the dollar, but as some banks still take them at parity there's no need yet to gamble on them.

Factoring in the credit rating and 3.75% interest, $0.93 on the dollar is appropriate and what most people are offering, I believe...

 

[Suspicious-Teach8788]

Originally posted by: marincounty

Originally posted by: herkulease

Originally posted by: marincounty

Originally posted by: OCguy
All of this because the Democrats in the state congress refuse to cut programs in this welfare state....


This can easily be played out the same way on the national stage, just wait.

Democrats have agreed to cuts and some increases in taxes. Republicans will not agree to any tax increases. Now tell me who is being unreasonable?

Now the Governor is pushing all of his pet projects, which do very little, like cutting the pay of home health workers, who make like $10 an hour.

And neither the Governor or the legislators will do anything about what is really killing us, the overpaid cops and prison guards, and their outrageous pensions.

Are we talking real cuts here? Or as I previously posted their concept of "cuts".

I can't seem to find anything the democrats have up on their website other than wasting time putting up youtube videos and press release blaming arnie or republicans. I would think they'd be holed up somewhere. I'm looking the the speakers website.

I dunno about you but every little bit helps. The excuse that cutting something is only a drop in the bucket is just is a cough out. you can make that argument with most things. What's a 100/200 million when we're in 24 billion dollar hole.

Democrats have agreed to cuts and some tax increases. Republicans only will agree to cuts with no tax increases. Which approach is more flexible and likely to work?

If it weren't for the 2/3 requirement to pass a budget it would have been settled a long time ago. Republicans are able to stonewall because the Democrats need a few Republican votes to pass a budget. And Arnold cannot get Republicans to support any tax increases, even though he is a Republican.

Look, we already increased taxes. In the east bay, we're paying 9.75% sales tax. It's a bitchload. Our tax rates put us in the top 10. We need to make cuts at this point. Prop 1A failed big time and it's clear NO ONE wants to pay more taxes.

BTW, I follow Arnold's twitter so:

Here's him getting breakfast this morning

before

Budget negotiations

 

[Firebot]

Originally posted by: OCguy

Originally posted by: fuzzybabybunny
So has Cali been cutting programs and balancing its budget? I don't know what the latest news on this is. Last I heard is that they had a big meeting, were working through the night, and it all failed because they couldn't come to an agreement?

I just don't get it. They are losing revenue. So they decide to, uhhh... continue spending?

Well Arnie wont sign anything that just tries to raise taxes to fix the problem. The democrats keep trying to push a budget that does too much raising, and not enough cutting.


Sometimes there comes a point in a person's financial life that they need to decide what is neccesity and what is not. Why this cannot be transferred over to apply to government spending, I have no idea.

I fully agree. Just take a look at a few years ago, and instead of cutting spending and programs of what is necessary and what is not, the US president not only raised spending exponentially with an unnecessary war and a new dept of bureaucracy in the name of Homeland Security, the president STILL cut taxes.

 

[Slew Foot]

Originally posted by: Firebot


I fully agree. Just take a look at a few years ago, and instead of cutting spending and programs of what is necessary and what is not, the US president not only raised spending exponentially with an unnecessary war and a new dept of bureaucracy in the name of Homeland Security, the president STILL cut taxes.

And look at today, depite a 2 TRILLION dollar deficit, the president/congress is still ramming through barrels of pork and new spending.

 

[Hacp]

It needs to do more than balance its budget. It needs to cut programs to ensure a surplus, and use that money to cut taxes.