Fund Debt Fans Fears of Spike in Taxes
(WSJ) — New York’s unemployment-insurance system is borrowing money from the federal government at an explosive pace—sinking $1 billion deeper into debt since the beginning of the year—and that has businesses bracing for a sharp increase in taxes.
As New York continues to shed private-sector jobs, the fund that pays unemployment claims is now $3.2 billion in the hole, the largest deficit in the nation after Michigan and California.
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