If you expect you'll be getting a refund from California when you file your 2008 state income tax return, be prepared: you may instead receive a "registered warrant." Translation: an IOU.As soon as this gets out into the general public, everyone will do this and California will be in even worse shape than before as no one will pay even close to the amount they owe for fear of risking a refund on their 2009 taxes.
California is rapidly running out of money. Blame it on the state budget deficit that continues to bleed billions of dollars from California's reserves. Facing inadequate credit to make up the difference, California's Controller John Chiang warns that by the end of February, the nation's most populous state may not be able to pay some of its debts, and instead be reduced to issuing those creditors IOUs.
So where is all the money going? Welfare and the education industry, baby. Parasites, every one of them. Dig this chart, taken from the State of California Franchise Tax Board site. You may need to click on it to be able to read the text.
40% goes to pay for an education establishment that produces absolute garbage. Another 12% goes to a bunch of left-wing creeps that want to teach young adults to hate me.
You want my money? Come and get it in April, 2010. Atlas is about to shrug.
Wow! 40% to primary ed. Any idea how this compares to the national average?
ReplyDeleteKelly, they're probably all about the same. What's most interesting to me is how we passed the point of price elasticity of improvement a long time ago and yet we continue to pour money down this rathole. Check this out.
ReplyDeleteActually, Michigan (which is hardly a paragon of fiscal responsibility itself, but obviously could be worse) only puts about 32% into primary ed. and higher ed. combined, compared to about 52% total for California. And while the performance of the Michigan schools is nothing to write home about, again they seem to be doing markedly better than California.
ReplyDeleteThanks, Tim. I didn't know that. It looks like Michigan doesn't care about it's children! If it did, it would spend more.
ReplyDeleteOr something like that.
My county tax forms show the breakout, and education eats up close to half. And we're in a "thank goodness for Mississippi" state :-(
ReplyDelete(monesc)