Covid and the economy

[Iceaxe]

F**k Covid... So I get a letter today saying my company's workforce unemployment insurance is going to double. This is basically a tax the government forces businesses to pay to cover the cost of unemployment. The rate you pay is partly based on how often and how many employees you layoff.

I'm like WTF?!? I haven't laid anyone off in over 10 years, I was at the lowest rate possible, why is my rate doubling?

Short answer is I'm still at the lowest rate, it's just that a large number of businesses have gone bellyup and someone has to foot the bill.... and that person is your local small business owners... not like it's not tough enough to make a buck right now.

/End Rant

[BasinCruiser]

So, how does that impact your employees paychecks? Socialists think this is great as it will reduce the size of that big swimming pool of gold you swim around in (sarcasm), and doesn’t affect your employees paychecks at all. In reality, it will likely impact them quite a bit ( sim to minwage). Why are your employees not getting advancements, pay raises, or higher starting wages? That’s right - after your company earnings has to pay more taxes/insurance, there’s nothing left over for employee wages.

Is that when you start signing contractors instead of hiring employees?


This is a classic example of the myriad of regulations, fees, taxes, etc that continue to rise and choose out businesses that drive manufacturers to take their companies to other countries with less taxes, etc insurance, fees, regulations, etc. And the socialists can’t understand why.

[Iceaxe]

I'm not exactly sure what the total end result will be as I just received the letter and it doesn't take effect until 2021... but... I'm smart enough to know that shit runs downhill and anyone with a real job will pay for it in the end.

....So basically liberals with advanced degrees in transgender studies won't have to worry about it. /End Sarcasm

[erial]

Some states have used coronavirus relief funds to address the increase in claims and avoid increasing the tax on employees. Utah not on that list of states. https://insight.equifax.com/sui-tax-...t/#Forecasting