Wednesday, December 9, 2009
Why the President's Jobs Plan Won't Work
The President has proposed a new plan to get people back to work.
The problem is one tax on businesses is skyrocking, not due to the federal govt. perse (though they are the ones extending benefits), but due to states.
State unemployment taxes have skyrocketed. Here in Florida a 12 fold increase.
"The minimum tax will jump from $8.40 per employee to $100.30 — an almost 12-fold increase — next year while the maximum will go up from $378 per employee to $459, state officials said Wednesday."
33 other states plan to hike these taxes a minimum of 3x the present rate. HI has a 500% increase coming.
This means we have gone past the tipping point. The action by the govt. will be too little too late.