CA could face 3.7% payroll tax hike due to new audit findings

(The Center Square) – California is scrambling to avoid an automatic 3.7% payroll tax increase to cover its projected $23.2 billion debt to the federal government for COVID-era unemployment benefits payouts, according to information uncovered through a public records request by The Center Square. With the California State Auditor reporting the state “materially misstated” the finances of its unemployment benefits fund, experts warn these detrimental findings — along with the fund’s growing and sustained deficits — could cause the state’s tax waiver application to fail. Support this podcast: https://secure.anedot.com/franklin-news-foundation/ce052532-b1e4-41c4-945c-d7ce2f52c38a?source_code=xxxxxx Read more: https://www.thecentersquare.com/california/article_abcd69d6-0edc-4a17-84c1-c6c7263fda97.html