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Author Topic: Businesses will be hit with sharp increase in unemployment tax in 2010  (Read 987 times)
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JohnBrowdie
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« on: December 07, 2009, 12:18:43 PM »

this story is from nebraska, but it's happening all over the country.  businesses are going to get hit with a huge tax increase in early 2010 to replenish their unemployment fund, and every time congress extends unemployment benefits, they just make the problem worse.  if unemployment spikes in early 2010, this is the reason.

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Neb. businesses will be hit with sharp increase in unemployment tax just as recovery begins

LINCOLN, Neb. (AP) — Nebraska businesses will be hit with a sharp increase in their tax bills next year to replenish the state's unemployment fund after a year in which state jobless benefit payments more than doubled to $190 million.

Nebraska is one of 33 states expected to increase its unemployment tax in 2010 in response to the sharp increase in the number of people claiming jobless aid over the past year. But the tax hike comes at the worst possible time: when a fragile economic recovery is taking shape.

And some Nebraska businesses could be surprised by the increases because this is the first recession since the formula for the state's employer-funded unemployment fund was revised in 2005. At the end of the state's 2009 fiscal year ended in June, the unemployment fund had dipped to $222.7 million, and that amount was low enough to trigger the increase under the formula in Nebraska law.

Tax notices will go out to businesses over the next week, with the first payments due April 30.

"This is a job killer," Rick Poore said after seeing an estimate of how much more his screen-printing Design Wear business will have to pay next year.

If businesses do scale back hiring and other investments in 2010, that could be worrisome for the economic recovery because small businesses create about 60 percent of new jobs.

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