Wednesday, January 6, 2010

Feeling California

Remember when California gave itself a no-interest loan by increasing the witholding from its citizens' paychecks? Now you can share the experience:

The trick, when looking at the new withholding tax tables for 2010 as compared to post-stimulus 2009, buries an increase in federal withholding taxes–for all income categories–basically giving the government an interest-free loan until current year taxes are filed next year.
Look at it this way: the feds are helping themselves to a bit more of your paycheck to help battle deficits created by spending tax money (which is also yours) at an unsustainable rate. In other words, they need more of your money to pay off debts they ran up by spending your money.

It's almost like the government has no sense of shame or responsibility when it comes to spending other peoples' money.

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