Repost - lock it

[boomerang]

Sacramento demands a loan from taxpayers.

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?

I'd be going ape-shit if something like this was tried where I live. If this happens, the feds will be rubbing their hands together thinking Christmas has come early. They'll be stumbling over themselves in a rush to implement this on a federal level.

What happens come April if the state doesn't have enough money to pay the tax refunds it owes its citizens?

For those of you that live there,will the state have the money to pay back these interest-free loans?

Repost
-Schadenfroh (AT Admin)

 

[MotF Bane]

http://forums.anandtech.com/showthread.php?t=2019946

Repost?

 

[sandorski]

Pretty sure this is a Repost. However, desperate times call for desperate measures. Like I have always said, there's only one way to eliminate a Deficit that is Program Cuts and Tax Increases. It sucks, but that's why Deficits need to be avoided when they can be avoided.

Those who want to "Cut Government waste" live in a Dream World that doesn't reflect Reality.

 

[boomerang]

Sorry if it's a repost. It was nice being able to search within a forum like we had before. It was handy for finding recent posts. My fault for not using our new search.

Lock 'er up!