A truly bi-partison bill is trying to make its way through the California legislative houses. The bill, AB 1506, would allow businesses or people who receive IOUs from the State of California to use their IOU to pay anything owed to the state. This would include payroll taxes, DMV fees, corporate taxes, and any other obligation to the state. The bill was proposed by Republican Joel Anderson.
I wonder if the State would accept IOUs from the citizens, and then in turn accept a person's offer for the state to pay the person back with the IOU?
Don't get me wrong. I understand the attempt, here. It makes sense. This bill would make it easier to get money back to the ailing State, especially when the IOU becomes like a gift card at a store - as good as cash, as long as it is used in the store.
The idea is, despite the fact that the State of California is out of money due to decades of poor fiscal management, and outrageous spending, the recipients don't have to be completely punished with the receipt of an IOU. At least the IOU would be worth something now - rather than down the road when, and if, the State has the money to own up to the money owed ("if" is the key word).
And, in the end, it may help alleviate some of the financial hardships facing businesses in California.
Personally, I believe it wouldn't be a problem if the politicians had managed the State's budget responsibly - but that's just me.
-- Political Pistachio Conservative News and Commentary
By Douglas V. Gibbs
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