MA Employers Could Soon Have To Pay More Unemployment Taxes
According to a story reported on by WWLP/22 News in Springfield, Massachusetts employers could soon have to pay an additional 60 percent in unemployment taxes.
The state’s unemployment insurance trust fund currently faces a multibillion-dollar deficit. To recoup some of that money, the contributions required from Massachusetts businesses would increase by nearly 60 percent.
However, lawmakers on Beacon Hill are pushing for what is known as a 'freeze' that they say would limit the burden on employers, especially during our economic recovery period.
Basically, a freeze on the tax payment would help businesses keep their employees and boost our economic growth.
Co-chair of the Workforce Development Committee, state senator Patricia Jehlen said, "We would love to freeze rather than allowing it to go up during a recovery because so many businesses are in trouble. But we really need help from the feds to make that possible.”
For the full story, check out WWLP's website here. We thank them for the update.