With the rising jobless rate in Florida, business owners could soon feel even more pressure due to the increase in their unemployment compensation tax.
The unemployment compensation tax is being increased to help meet unemployment claims. The fund, out of which such claims are paid, ran out in August and the state is borrowing from the Feds. Florida businesses too, are being asked to pay more to help out.
Alhough the increase was not unexpectged, the magnitude of it has many businesses shocked.
The Florida Retail Federation President, Rick McAllister, said yesterday that the Federation will ask that the taxable wage for each employee be kept at the current level of $7,000 instead of increasing it to $8,500 next year, as required by the new law.
Many agree that now is not the time to increase taxes on businesses when things are just starting to get a little better.
The Federation and other business groups plan to take up the issue, seeking a roll back of the new tax. They hope that Governor Charlie Crist will the matter to a special legislative session on commuter rail service, likely to be held in December or January 2010.
Source: flanews.com
