Cannon: No Magic Bullet on Unemployment Tax Increase

By: The News Service of Florida
By: The News Service of Florida

House Speaker Dean Cannon admitted Wednesday that one of the toughest problems lawmakers face - and one for which they don't have an answer right now - is how to pay unemployment compensation. The trust fund into which employers pay is broke, and the state has been borrowing from the federal government. Employers have seen this year's minimum unemployment rate climb from $25 per worker to $72.10 per worker. In June nearly $10 more will be added on as interest payments on the loan from the federal government come due. "There's no magic bullet for solving that one," Cannon acknowledged while speaking to a gathering of newspaper editors and reporters hosted by The Associated Press. "It may depend in part on what other states do….We're working on it."

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