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 Gov. Rick Perry’s unemployment compensation tax plan will unnecessarily cost Texas businesses hundreds of millions in new taxes, Perry confessed Sunday.
Appearing on Jenny Hoff’s KXAN Sunday show, Perry said a projected $800 million deficit in the fund will be covered by raising taxes on businesses. Perry wants to reject $555 million in unemployment compensation contained in the federal stimulus package. He complains that the slightly expanded compensation eligibility required by the feds might, maybe, possibly cost businesses $15 million a year – seven or 10 years from now. So Perry is going to charge businesses hundreds of millions of dollars now to avoid a possible (and greatly reduced) tax increase a decade from now. Perry wanted to say ‘no’ to something, and he picked this. It doesn’t get much more ridiculous than this. Perry caused the projected shortfall in the fund. Last year, he suspended collection of the unemployment tax that feeds the fund. That was shortsighted. Now he’s compounding the problem with his schoolyard, partisan posturing. Hardworking Texans and small business will pay the price for Perry’s theatrics.
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