California to raise Income Tax by 10% - And they call it a LOAN [Archive]

View Full Version : California to raise Income Tax by 10% - And they call it a LOAN

DamianTV

11-04-2009, 07:57 PM

http://online.wsj.com/article/SB10001424052748703932904574511923279377100.html

Desperation grabs for revenue are nothing new in politics, but California is once again leading the way in creative financing.

To help close yet another gaping budget deficit, now estimated to be $7 billion this year and reach as high as $20 billion next, Sacramento lawmakers have authorized a 10% increase in the amount of taxes withheld from worker paychecks starting November 1 and through 2010. The extra withholding tax will reduce Californians' take-home pay by about $1.7 billion for the year. But the lawmakers say this isn't a tax increase. OK, how about calling it a compulsory interest-free loan from taxpayers to the state?

(more on link...)

Im starting the economy is done.

Chester Copperpot

11-04-2009, 08:00 PM

Californians should tell the governator that they WOULD have paid the higher tax, but they cant now because they have to contend with higher prices for guns and ammo because of his recent legislation.

dumb fuck

dannno

11-04-2009, 08:06 PM

Ok, just so everyone knows, this 10% increase is on top of what it already is.. which on my paycheck is about 3%, which means that the tax increase is .3%, which will cost me a few dollars per paycheck..

I could be wrong, that's just a quick calculation I did.

Reason

11-04-2009, 08:17 PM

dannno

11-04-2009, 08:29 PM

IF is the key word. I think I get a paycheck in a couple of days with the new tax, I'll be sure to pay attention.

Dunedain

11-04-2009, 09:36 PM

Wow. 10% is a lot of money to lose to a higher tax rate. At some point we're going to be working until Christmas to pay our tax bill.

DamianTV

11-04-2009, 09:45 PM

But they PLAN on giving it back. And the chances of that happening are about as good as Sue Lowden becoming an honest person.