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California Defaults On $18.5 Billion Debt, Leaves State Businesses Holding Bagwww.hoover.org/research/california-defaults-185-billion-debt-leaving-state-businesses-holding-bag
1085 sats \ 13 comments \ @k00b 23 Nov econ
With an unpaid federal unemployment insurance loan, the federal government raises the unemployment insurance tax immediately by 0.3 percent on each business within the state, and an additional 0.3 percent each year after that until the loan is fully repaid. The normal federal unemployment insurance tax rate is 0.6 percent per year, which means that California businesses will be paying several multiples of the normal federal tax rate before the loan is retired.
Fuck around and have someone else find out.
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281 sats \ 2 replies \ @lrm_btc 23 Nov
Californian here. The saddest part about this is that the liberals here who voted for Newsom are completely oblivious to this and why it matters. It was probably the most significant fuckup of his time in office and I've never heard other Californians talking about it.
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224 sats \ 1 reply \ @gmd 23 Nov
On reddit bay area subs everytime I complain about Newsom or how poorly run our state is I get downvoted into oblivion...
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33 sats \ 0 replies \ @Bell_curve 23 Nov
Reddit is a cult
I am surprised you haven’t been banned or suspended
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16 sats \ 0 replies \ @wingalt 24 Nov
Typical socialist road to bankruptcy or its modern version of "if you go woke you go broke". Vote with your feet and get out before they close the gates
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47 sats \ 2 replies \ @Undisciplined 23 Nov
If you're still in CA, you can't say there was no warning.
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38 sats \ 0 replies \ @Satosora 23 Nov
Many companies have moved out of CA for these reasons. The tax rate there is just too high.
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37 sats \ 0 replies \ @Rothbardian_fanatic 23 Nov
There was so much warning that the red flags were flapping in their eyes, blinding them.
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26 sats \ 0 replies \ @Satosora 23 Nov
ouch. that is painful for the businesses there.
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12 sats \ 3 replies \ @Undisciplined 23 Nov
Bulls are holding onto their lead. Warriors and Nets need to pick it up.
Rockets are taking care of business.
Edit: Nets take the lead
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49 sats \ 1 reply \ @nkmg1c_ventures 23 Nov
sir this is a bakery
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5 sats \ 0 replies \ @Undisciplined 23 Nov
Sleep deprived. Wandered into the wrong establishment rambling nonsense.
My apologies to the proprietor.
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10 sats \ 0 replies \ @IamSINGLE 23 Nov
Do you carry a diary of such jokes? 🤣
Sorry I called it a joke.
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11 sats \ 0 replies \ @Rothbardian_fanatic 23 Nov
When did you not think they would be doing this? After all, it is Californicated. Businesses are nothing more than piggy banks for the state, there.
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