More California state income tax withheld from your paycheck come Nov. 1

“There’s some perception that I’ve heard that this is a 10 percent tax increase ... that’s absoslutely(sic) not the case,” Palmer said. “This will, in no way shape or form, change anybody’s tax liability. You owe what you owe.”

Bull-oney pal, when you suck the cash out of the paycheck and send the tax return as an IOU that can’t be cashed, it’s a “tax”.

You don’t earn interest on withheld taxes, though you do get charged interest for lack of withholding (2210, and 2220 for you 1099 filers). That’s a really nice bit of float big brother gets.

American Express and Warren Buffet have built empires off float…

Its not a tax increase.
Its a witholding increase.
Just increase your claimed number of dependents.
Problem solved.

bltserv - 29 October 2009 09:54 PM

Its not a tax increase.
Its a witholding increase.
Just increase your claimed number of dependents.
Problem solved.

What happens when they stop this?

It’s also the way Paychex and ADP rakes in million$ each day as well.  Wish I had this gig.

bltserv - 29 October 2009 09:54 PM

Its not a tax increase.
Its a witholding increase.
Just increase your claimed number of dependents.
Problem solved.

i did this at the beginning of the year, i would rather always cut the govt a check than get a refund. Why should i give them an interest free loan - i normally wouldnt care but since they are a bunch of idiots, this is one of the few ways i can get back at the govt for their stupidity.