The State of California, which is mired in budget shortfalls due to the slumping economy, has decided to withhold more from taxpayers - 10% more to be exact. This is designed to increase revenues for the state.
Although this is not a tax increase, it sure will feel like one to the residents of Kommie-fornia. Residents will "be repaid any extra withholding in April - those getting refunds will get a larger refund and those owing will owe less."
Yeah - I'll believe that when I see it. Can anybody say more "IOU's"???
Link to the article in the LA Times.
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