Unemployment Tax

The County officials then add all the assessed values of the property together in a county.  Further they subtract the applicable deductions in order to determine the net assessed value of the county.

Based on Department of Labor data, Ways and Means Committee staff estimate that by end September, 314,000 workers in high unemployment states across America will exhaust their unemployment insurance benefits and over one million Americans will exhaust their benefits by the end of the year unless Congress acts.

Presently, 29 states are classified as high unemployment states under the current definition. California and Florida will have the highest number of people  at 154,328 and 114,508, respectively  exhausting unemployment insurance benefit but who would be eligible for an extension. Michigan has the highest three-month average unemployment rate at 15.2% as of August 31, followed by Puerto Rico at 15%.

According to Ways and Means Committee Chairman Charles Rangel, a New York Democrat, the provision is deficit neutral because it is fully offset by a one-year extension of a federal unemployment tax known as the FUTA surtax, which has been in place for over 30 years and costs employers USD14 per year per employee. The Ways and Means summary of the legislation also points out that former President George W Bush proposed to extend the FUTA surtax in his last budget. In addition, the bill requires that current reporting on newly hired employees include the date that they started work to reduce UI overpayments, a provision also proposed by the Bush budget, as well as the 2010 Obama budget.

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