Projected 09-10 revenue budget:
55,863 - personal income taxes (54.4%)
29,248 - sales tax (28.5%)
11,982 - corporate income tax (11.7%)
5,516 - insurance and other (5.3%)
http://www.ebudget.ca.gov/pdf/BudgetSumm....
So...if you can pay your personal income tax with your IOU, you can pay your corporate income tax with your IOU and you might be able to pay your sales tax with your IOU...and there will probably be at least $12B in IOUs issued by 9/30...
Good luck with that 10/1. CA might have the money, but it won't have the cash.
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This isn't really a big deal.
If California was sending IOU's to welfare recipients this would be a big deal.
People that pay enough taxes to get a return don't generally riot.
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It's not welfare moms who are going to feel the heat. It's businesses who sell and provide services to California. Ironic these businesses have to live within their means to stay in business are having to take the **** sandwiches from Cali...
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And how do the vendors, contractors and local governments who get paid with IOU's then pay their own employees?
Also with IOU's?
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