Starting Sunday, cash-strapped California will dig deeper into the pocketbooks of wage earners -- holding back 10% more than it already does in state income taxes just as the biggest shopping season of the year kicks into gear.Read the rest here
Technically, it's not a tax increase, even though it may feel like one when your next paycheck arrives. As part of a bundle of budget patches adopted in the summer, the state is taking more money now in withholding, even though workers' annual tax bills won't change.
Think of it as a forced, interest-free loan: You'll be repaid any extra withholding in April. Those who would receive a refund anyway will receive a larger one, and those who owe taxes will owe less.
Hat tip T-19
Uh huh..And the Gubernator is good on his word eh? We'll see. No tax eh? If it smells like a pig, looks like a pig...etc..etc..
ReplyDeleteI don't see how this could even pass constitutional muster.
ReplyDeleteOf course, I said the same thing when local governments started condemning property in order to give it to private developers.