Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Business Tax Expires Quietly

4 years ago June 30, 2011 Jun 30, 2011 Thursday, June 30 2011 Thursday, June 30, 2011 6:35:18 PM CDT in News
Source: Associated Press
By: Michael Marsh

Almost every private employer in the U.S. will get a tax cut on Friday because a 35 year old temporary unemployment tax expires. It's $14 dollars a year for each of a company's workers, but it amounts to a 25 percent cut in federal unemployment taxes. Over the next ten years, the tax cut will save businesses more than $14 billion. The tax was passed in 1976 as a temporary way of helping to pay federal unemployment benefits. But it was extended eight times. Congress let it expire quietly while President Obama wanted to make the tax permanent. 

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
7 Days