Unemployment tax hike looms for business
Denver Business Journal ^ | January 8, 2010 | Ed Sealover
Posted on Friday, January 08, 2010 3:09:18 PM by george76
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Colorado business leaders fear unemployment taxes on employers could skyrocket by as much as 300 percent next year, and they’re scrambling to prevent that because it could lead to more layoffs and stall economic recovery.
Colorado’s Unemployment Insurance Trust Fund, which is paying out roughly $20 million per week in benefits, is expected to go broke by the end of January ...
The added payments would range from a couple hundred dollars for mom-and-pop shops to six-digit sums for the state’s biggest employers. And that could cripple some companies...
I have employers right now who would just simply lock the door” if unemployment costs rise by 300 percent in 2011, said Tony Gagliardi, director of Colorado’s NFIB chapter. “Businesses today can not incur a higher cost of employment. It’s a job killer.”
The Unemployment Insurance Trust Fund is funded 100 percent by business payments...
Twenty-five states already have borrowed $26.8 billion through the U.S. Department of Labor in order to keep their unemployment insurance trust funds solvent, according to the National Association of State Workforce Agencies. That number is predicted to rise to at least 35 by April.
(Excerpt) Read more at bizjournals.com ...
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This is going on nationwide and once the TSHTF you are going to see UE skyrocket again.
Please get prepared for things to get far worse. Hope & Change was all a lie and this is all planned.
I know you guys jump on me, but dont hate the messenager, this is getting very bad.
