Congratulations! You are about to make an interest-free loan to the State of California

Starting November 1st, you and every tax-payer in California are going to make a tax-free loan to the virtually bankrupt state of California. That's because Assembly Bill 17 is about to go into effect. It increases all withholding rates by 10%. Your tax rate has already been increased by a quarter of a percent. But in its quest for more money to spend, the Legislature concocted a scheme to withhold far more money from your paycheck then you'll owe. In theory, you'll get it back when you file your state income tax return next year, as you will likely have over-withheld the amount you'll owe of California income tax.

If you are lucky enough to get a bonus, the state increased its bonus withholding rates by 10 percent, from 9.3% to 10.23%.

Throwing a bone to low wage earners and the middle class, the Legislature magnanimously did not change low income exemption thresholds, annual standard deduction values, and the annual amount allowed for additional allowances.

Isn't tax and spend wonderful? The legislature spends, and the taxpayers pay, and pay, and pay. Since the taxes are not enough to equal the overspending in Sacramento....we get to loan money at no interest to the people who got us into this mess in the first place. When will taxpayers decide they've had enough?