The message is clear to Californians. Do not overpay your taxes. You become an unsecured creditor, probably last in line for reimbursement. I suggest that California suspend all refundable tax credits (welfare) and return all tax overpayments.
My turbo tax refund estimate sits at $240 right now. On Monday I am increasing my dependents for withholding purposes to 99. I currently have $80 withheld in state taxes every biweekly check. Since a dependent in California is worth about a $1000 deduction this should reduce my state tax withholdings to zero. After three paychecks I go back to my old number of dependents. When I file I elect to have my refund carry over to next year's tax liability.
Also, over the years I've tried to keep my California withholding at the level where I neither owe taxes nor get a refund, but I always end up getting around $300 or so. I think I finally figured out why. Unlike the Feds when the state issues its withholding schedules for the new year they are based on the prior year's tax rates. It is not until the end of the year that the new tables that are indexed for inflation are released. So I have been planning my withholdings on a bad tax table all year.
Of course, the Dems in the legislature want to suspend the indexing this year because of their overspending (what they call the budget deficit) so this year I'll probably need to stick with last years tax tables.