1/7/10

Taxes Going Up for Employers

RI businesses, small and large, are going to be paying more taxes even before the General Assembly starts making life more difficult for all us. That's because RI needs to raise more money to pay the feds for all the many millions it needs to borrow to pay unemployment claims for the almost 13 percent out-of-work Rhode Islanders. The state has already borrowed $127 million and now needs to borrow another $95 million to keep the unemployment comp. fund solvent.

The state will have to pay the federal government back for the monies borrowed so RI employers can expect that the state will raise the unemployment insurance tax, which all employers must pay.

It's just another tax on struggling businesses.