Oct 26, 2009
Starting November 1, the state government will take an extra 10% withholding from our paychecks. That is a free loan from us to Sacramento.
Sacramento also increased the income tax, cut back on some deductions, slashed the dependent credit that will cost taxpayers $200 more per dependent. On top of that, they doubled the vehicle license fee and boosted the sales tax by one%.
Add it all up, and many of us are paying thousands of dollars more in state taxes every year.
Of course, not everyone is paying more in taxes. This year Sacramento also cut corporate taxes by several billion dollars. Our loss is their gain.