“…just try ‘income tax without income.’ Just how bad is the California state budget? According to Doug Ross, they’re taxing people on income they have yet to receive. Last year, to balance its books, California paid a bunch of people not in money, but IOUs that the state would make good at some vague, undefined date. …But the state still needs money, so it’s demanding that the recipients pay income taxes on the money they’re owed…”
Read the rest here.
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