I am part owner of a taxi company. Taxes were due Jan. 31, 2012 for income earned in the fourth quarter of 2011. In the packet I received, there was a new tax to be paid. Even though ours is a small company, it will cost us hundreds of dollars. This is to repay the Federal Government what New York State had to borrow to cover the extension of unemployment insurance.
That's right. Every time the Feds extend unemployment insurance, New York has to borrow the money. New York is broke. The money has to be borrowed, with interest. Who is on the hook for this borrowed money? Private sector businesses.
It is yet another unfunded mandate that businesses are expected to pay. It is yet another drain on disposable income businesses could use to buy inventory or hire people. It is yet another cost passed down to the consumer. It is yet another example of political compassion with other people's money.
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