Tighten up the witholdings to make sure the state isn't left holding your hard earned cash... only to default (if temporarily) on that same interest free loan a year later.
As most have heard, California is in the red. This isn't really news that lights up headlines across the country, but it was the first headline that really shook me. Yes, banks are failing, yes we have lead bricks inside of Fort Knox, and yes the Recession has cometh... but, this is like seeing bread lines form on our local city streets.
Although it is likely to be duct-taped-bailing-wired by Congress in short order (considering that the Speaker of the House who has her hands on bailout bucket is from the Golden State), the very thought that Californians who have been devastated by recent events stand to be slapped upside the head with this latest turn of events is just plain sad.
As many articles and blogs have been asking... which state is next?
A couple of pointers to more on the California debacle:
Due to the state's persistent cash and budget problems, the State Controller announced on Friday, January 16, 2009 that without immediate budget solutions that fix the state's cash shortfall he will have to delay refunds for 30 days starting February 1, 2009 for Personal Income Tax and Business Entity taxpayers. http://www.ftb.ca.gov/refund_delay_2008.shtml