-------- Original Message --------
| Subject: | Obama Bailing out States...wants to double 'Unemployment Tax' |
|---|---|
| Date: | Tue, 8 Feb 2011 18:23:53 -0600 |
| From: | Travis <baconlard@gmail.com> |
| Reply-To: | politicalforum@googlegroups.com |
 | Obama Bailing out States...wants to double 'Unemployment Tax'Scotty Starnes | February 8, 2011 at 3:10 PM | Tags: higher taxes, President Obama, state bailouts, taxable income level, unemployment, unemployment insurance | Categories: Political Issues | URL: http://wp.me/pvnFC-4nq |
More proof that Obama's stimulus is a failure. This is nothing more that bailouts for irresponsible (mostly blue) states and continued proof of Obama's spread the wealth agenda.
From the Associated Press:
AP source: Obama wants to delay state jobless insurance debt, increase taxable levels in 2014.
WASHINGTON (AP) -- The Obama administration is proposing short-term relief to states saddled with unemployment insurance debt, coupled with a delayed increase in the income level used to tax employers for the aid to the jobless.
The administration plans to include the proposal in its budget plan next week. The plan was described late Monday by a person familiar with the discussions on the condition of anonymity because the budget plan is still being completed.
Rising unemployment has placed such a burden on states that 30 of them owe the federal government $42 billion in money borrowed to meet their unemployment insurance obligations. Three states already have had to raise taxes to begin paying back the money they owe. More than 20 other states likely would have to raise taxes to cover their unemployment insurance debts. Under federal law, such tax increases are automatic once the money owed reaches a certain level.
Looks like Nancy Pelosi was wrong when she claimed unemployment checks was the best way to create jobs and stimulate the economy.
Under the proposal, the administration would impose a moratorium in 2011 and 2012 on state tax increases and on state interest payments on the debt.
In 2014, however, the administration proposes to increase the taxable income level for unemployment insurance from $7,000 to $15,000. Under the proposal, the federal unemployment insurance rate would be adjusted so that the new higher income level would not result in a federal tax increase, the person familiar with the plan said.
Put off raising taxes until 2014? Didn't Obama tell Bill O'Reilly that he has never raised taxes...not even once?
States, however, could retain their current rates, meaning employers could face higher unemployment insurance taxes beginning in 2014.
In other words, we can continue to expect high unemployment rates until Obama is out of office.
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