IOUs Instead Of State Tax Refund?

California Budget Deficit Could Lead to IOUs

It's an economic sage that has swept a state -- California dwindling state budget. The state of California may not give out state tax refunds this year -- and instead issue IOUs.

According to the Associated Press, the state controller said that the California government may not be able to afford state tax refunds.

California residents will still receive federal tax refunds, which are seperate from the state. However, many local residents in California are not looking forward to possibly getting IOUs.

Chuck Fisher doesn't think it's fair. After all, he said, "are they going to let us pay our taxes with IOUs?"

Some may understand the state's tough call. William Collins felt that "it's not surprising considering the large deficit." But even though Collins understands the reason behind the IOUs, he still does not like it.

Many are frusterated about working hard at their jobs, and then having to potentially wait to receive their money back from the state. According to Sergio Romero "the money we work for, we should get it back."

And many in California are concerned about those who are anxiously waiting and needing those tax refunds come this February. Jose Paz said that he feels that "it's going to affect a lot of people. a lot of people are depending on that. i mean they're waiting for those tax returns and they're not going to give it to them? what's going to happen?

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