Friday, July 1, 2011

In boost to employers, payroll tax quietly expiring

Nearly every private employer in the U.S. will get a tax cut on Friday. It won’t affect workers’ paychecks. But the expiration of a 35-year-old "temporary" unemployment tax — about $14 a year per worker — will mean real money for some big companies.

Some worry that reducing federal unemployment taxes while the jobless rate hovers above 9 percent will add to the system’s financial problems. But the tax cut will save businesses nationwide more than $14 billion over the next decade, according to congressional estimates. Salt Lake Tribune

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