Politicians found a new way to take money from taxpayers. The State of California Franchise Tax Board gave notice that tax withholding will increase 10%. Taxpayers can expect a larger refund when they file their income tax, but won’t earn interest on the money that they are forced to loan to the State of California. I predict that workers having less take-home pay before the holidays guarantees a weaker retail season in California. Expect fewer part-time retail hires for Christmas in Califormia, and more layoffs after the holiday season
Filed under: Budget deficit, Taxes, The Ongoing Financial Crisis | Tagged: taxes California, Franchise Tax Board
