Astute Chad’s News readers already know that the State of California has severe financial problems, and that its politicians are desperately looking for ways to make ends meet. Their latest idea is to increase tax withholding by about 10 percent. Note that they’re not actually increasing the tax rate, just the amount that is withheld by employers. In essence, this forces California citizens to give short-term, interest-free loans to the state.
Here in Colorado, our finances, while a bit strained, are not even close to being as bad as California’s—primarily because of the TABOR amendment which put serious curbs on the expansion of government spending.
Thanks to Ciro for this link.