StuGotz Posted February 3, 2009 Share Posted February 3, 2009 Just wondering, Before you bean counters chew on me for not claiming the right exemptions and letting the state have my money all year... What's a citizen to do if my State income tax refund is unavailable to me when I file my return? You see, the State of CA has this Budget issue and my money might not be available? ghaverkamp, I've got a case for you... Maybe we can hash this around without pointing fingers. MB> Link to comment
ghaverkamp Posted February 3, 2009 Share Posted February 3, 2009 ghaverkamp, I've got a case for you... They're holding my money, too. (Un)Fortunately, they're not holding on to too much of my money. The FTB says they've got 45 days after April 15 to distribute refunds. Taking their word for it, one might need to wait for this to ripen. Link to comment
David Posted February 3, 2009 Share Posted February 3, 2009 What's ironic is that no serious players are interested in loaning California money. So, what do we do when we can't find voluntary capital? We make it mandatory from citizens. Link to comment
upflying Posted February 3, 2009 Share Posted February 3, 2009 Well it seems as if Cal needs bailout funds. The poor economy and foreclosures means less tax revenue is coming in. The solution is to raise taxes of course. Maybe we can use the IOU we get to pay the additional taxes. If you owe income tax, can you submit and IOU? How do those states without an income tax do it? Link to comment
AdventurePoser Posted February 3, 2009 Share Posted February 3, 2009 As a high school principal who administers several programs that are severely impacted by the budget mess in Sacramento, I am very concerned. If we cannot find a reasonable way through this, many children are going to suffer. Steve in So Cal Link to comment
ghaverkamp Posted February 3, 2009 Share Posted February 3, 2009 How do those states without an income tax do it? Based on the local news while I was in Vegas last week, they start talking seriously about creating a state income tax. Link to comment
Lets_Play_Two Posted February 3, 2009 Share Posted February 3, 2009 Well it seems as if Cal needs bailout funds. The poor economy and foreclosures means less tax revenue is coming in. The solution is to raise taxes of course. Maybe we can use the IOU we get to pay the additional taxes. If you owe income tax, can you submit and IOU? How do those states without an income tax do it? I live in one of those states. They tax everything else...there is no free lunch!!! Link to comment
SageRider Posted February 4, 2009 Share Posted February 4, 2009 How do those states without an income tax do it? Based on the local news while I was in Vegas last week, they start talking seriously about creating a state income tax. Yep... Too many Californians with the attitude of taxation cures all have moved here.... The one good thing the state has going for it right now is a governor who is very stubbornly sticking to his pledge of no new/raised taxes. Kudos to him! Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 How do those states without an income tax do it? Based on the local news while I was in Vegas last week, they start talking seriously about creating a state income tax. The mere mention would be enough to get a politician strung up in Texas. I'm not sure how Texas does it. It has the second largest state economy and population behind California, but no serious budget issues. And unlike Nevada, we don't even have math-challenged people flying in from out-of-state to pay our taxes for us... Link to comment
StuGotz Posted February 4, 2009 Author Share Posted February 4, 2009 Smiler, yer not casting any stones, are ya??? MB> Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 Nope, born and raised in California. Link to comment
upflying Posted February 4, 2009 Share Posted February 4, 2009 How do those states without an income tax do it? Based on the local news while I was in Vegas last week, they start talking seriously about creating a state income tax. The mere mention would be enough to get a politician strung up in Texas. I'm not sure how Texas does it. It has the second largest state economy and population behind California, but no serious budget issues. And unlike Nevada, we don't even have math-challenged people flying in from out-of-state to pay our taxes for us... I'll bet Texas has a higher per captia ratio of businesses and income earners than California does. Perhaps there are too many people in Ca feeding the trough and not enough businesses and wage earners to keep it stocked. Link to comment
Charles Elms Posted February 4, 2009 Share Posted February 4, 2009 I would guess that Texas taxes oil and gas production....plust high sales tax, property taxes, water district taxes, hospital district taxes, college district taxes, etc.,etc. As said before, no free lunch.,, Link to comment
ghaverkamp Posted February 4, 2009 Share Posted February 4, 2009 I'm not sure how Texas does it. It has the second largest state economy and population behind California, but no serious budget issues. And unlike Nevada, we don't even have math-challenged people flying in from out-of-state to pay our taxes for us... As mentioned elsewhere, oil helps Texas, even if it used to help it a whole lot more. What Texas doesn't have, so far as I know, is the ridiculous proposition nonsense California has, which prevents California from spending money where and how it needs to, rather than where and how it has to. Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 As said before, no free lunch.,, Texas's combined state and local tax burden percentage ranks 43 in the nation, so some lunches do cost less than others. Property taxes are relatively high, but nowhere near approach what I'd be paying based on most state income tax rates (plus in those states you have to pay property tax as well.) After living in both California and Texas I can say without hesitation that the difference in the relationship of citizens to government (i.e. who is in charge) is palpable. Hey, it's one of the few things I like about this place so don't knock it... Link to comment
David Posted February 4, 2009 Share Posted February 4, 2009 Our property taxes are low. No income tax. But very high sales tax. Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 But very high sales tax. That's what the Internet is for... Link to comment
David Posted February 4, 2009 Share Posted February 4, 2009 No kidding. Join Amazon's "Prime" program and get free 2nd day on most everything. No sales tax. No shipping. No time wasted. No fuel wasted. Live longer by avoiding traffic. Link to comment
John Ranalletta Posted February 4, 2009 Share Posted February 4, 2009 But very high sales tax. That's what the Internet is for... You bet. Someone I know very well bought a Sony XBR LCD from Amazon last night saving $250, including $70 in sales tax. Link to comment
StuGotz Posted February 4, 2009 Author Share Posted February 4, 2009 Lets not forget the new tax law kids: http://www.boe.ca.gov/pdf/pub79b.pdf MB> Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 Don't most states at least technically require residents to report and pay use taxes on out-of-state purchases? Of course, good luck in collecting them though... Link to comment
Dave McReynolds Posted February 4, 2009 Share Posted February 4, 2009 But very high sales tax. That's what the Internet is for... You bet. Someone I know very well bought a Sony XBR LCD from Amazon last night saving $250, including $70 in sales tax. And in an effort to help you comply with the use tax laws, California and a number of other states have provided tax forms that you can submit with your state income tax return to pay in all the sales taxes you are "saving" on those internet purchases. The California state controller was shocked, shocked! to find that something like a total of $1.39 was voluntarily remitted by folks on their internet purchases last year, and has admonished all of us CPA's to make sure all of our clients are aware of the form that is available. I wonder how many of the Cabinet nominees have voluntarily remitted sales tax on their internet purchases to their home states? Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 The California state controller was shocked, shocked! to find that something like a total of $1.39 was voluntarily remitted by folks on their internet purchases last year, What..? Ken doesn't live in California... Link to comment
John Ranalletta Posted February 4, 2009 Share Posted February 4, 2009 Aren't tax regs kinda' like traffic laws? If nobody's lookin'... I'm just sayin' that's how some people think. Link to comment
SageRider Posted February 4, 2009 Share Posted February 4, 2009 How do those states without an income tax do it? Based on the local news while I was in Vegas last week, they start talking seriously about creating a state income tax. The mere mention would be enough to get a politician strung up in Texas. I'm not sure how Texas does it. It has the second largest state economy and population behind California, but no serious budget issues. And unlike Nevada, we don't even have math-challenged people flying in from out-of-state to pay our taxes for us... If they'd left the tax code well enough alone, Nevada would be OK now, but during the peak of the property boom, legislation was passed through which limited the annual increase in property taxes to far below the actual gain in assessed value. On top of that, a "surplus" was refunded to all the citizens. We've been in budget trouble ever since...... Of course if more Californians would fly in, leave their money with us, then fly out again, that would help us out... At least our casinos pay back a good chunk of the take in taxes. More than can be said about Indian casinos... Link to comment
smiller Posted February 4, 2009 Share Posted February 4, 2009 If they'd left the tax code well enough alone, Nevada would be OK now, but during the peak of the property boom, legislation was passed through which limited the annual increase in property taxes to far below the actual gain in assessed value. Hmmmm... I seem to remember another state trying that... Link to comment
Heck Posted February 4, 2009 Share Posted February 4, 2009 Lets not forget the new tax law kids: http://www.boe.ca.gov/pdf/pub79b.pdf MB> So when did all this happy nonsense get passed? Sounds like the "safe gun" law passed a few years back. And, (oh gawd lets not start another "trike" thread) the new laws prohibiting the sale of Trike kits in Kalifornia unless the kit manufacturers pay a substantial fee to the California Air Resources Board to test for emissions on their trike conversions..... Link to comment
Whip Posted February 4, 2009 Share Posted February 4, 2009 IMHO Because Texas uses Property Taxes and Sales Tax to get most of it's revenue is much more predictable and stable in an economic downturn. When times are tough and companies are losing money, they still get to collect almost same amount of property taxes.(I'm sure some close) If the budget was supported by income tax when times get tough they really have no idea how much money they will receive. Sales Tax is very volital, but it is reported each month and can be tracked much more accurately. We also have a lot of tourist that help pay the Sales Tax. We do have a new "Franchise Tax" that is beating up on bidnesses throughout the state. We'll see how that comes out after this year. Link to comment
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