State of California = Broke

moe.ron · #1 02-02-2009, 10:30 PM

Whoa nelly

SACRAMENTO, CA (KGO) -- It is day 89 of budget stalemate, and California has now officially run out of money. Now the state will start picking and choosing which bills it will pay.

So if you are expecting a state tax refund, be prepared to wait for at least a month

http://abclocal.go.com/kgo/story?sec...ate&id=6636740

texas*princess · #2 02-02-2009, 10:32 PM

WTH?

How is the state broke?! Don't they tax out the wazoo?!

Coramoor · #3 02-03-2009, 07:49 AM

Haha, I guess all those ridiculous social welfare programs have finally caught up. Maybe Tim Robins and Susan Sarandon will bail CA out.

moe.ron · #4 02-03-2009, 07:52 AM

mmm, State of California is broke because it does not have a budget. Not that it ran out of money.

Coramoor · #5 02-03-2009, 07:55 AM

Ok, my mistake.

Maybe Old Timmy boy can help write the budget.

PeppyGPhiB · #6 02-03-2009, 02:17 PM

If I'm correct, California's property taxes are high. And what do we all know is happening in California right now? Plummeting home values and associated property taxes, plus there are a whole lot of people who are not paying ANY property taxes anymore because they've had their homes foreclosed on. If the state is used to getting a big chunk o'money from property taxes and wasn't able to adjust its state budget accordingly, that's how they might've gotten in this mess.

#7 02-03-2009, 09:06 PM

Were all wondering about our paychecks????????

AKA_Monet · #8 02-03-2009, 10:15 PM

Broke, broke, broke, phi broke...

We ain't got it!!!

Welp, 3 strikes does cost some money, now... They can let loose some felons from the School of Hardknocks, San Quentin State!!!

Or they can tax drugs rolling through in TJ... I'm just saying...

The folks in Napa have some good stuff, so I've heard...

crescent&pearls · #9 02-04-2009, 12:47 PM

In California, property taxes are determined based on Proposition 13. Your property tax is based on 1% of the assessed value of your home at the time you purchased it. So yes, people who bought homes as the prices skyrocketed pay A LOT in property taxes, but if you have owned a home for a very long time your property taxes are relatively low compared to the market value of your home, even today.

State income taxes in California are high. Business taxes are high. Sales taxes are high. The state is in a budget crisis because the state is on the hook for a massive load of retirement and other benefits due to state employees...and the legislators can't control their spending! What we are headed for is some kind of tax law revision to amend Prop 13.

I know I won't be voting for any incumbent state assembly person or state senator in ANY upcoming elections.