I got my 2009 corporate tax documents from my bookkeeper today and in with them was an explanation that Michigan is now a deadbeat state as far as the Federal Government is concerned, so I have to pay extra on my Federal Unemployment Insurance to make up for the fact that Michigan didn’t pay.
Of course they didn’t use the terms deadbeat in their explanation. They used the oh so much better sounding phrase that Michigan is a “credit reduction state.” They explained that what this means is that Michigan borrowed money to pay for unemployment claims which they did not pay back. In fact Michigan generously paid for extended unemployment and then didn’t pay the feds back – the state is a deadbeat.
So what does that have to do with me? Well the Feds have got to get the money from somewhere, so who do you think they’re putting the arm on? You got it – the small business taxpayers of Michigan. So it seems that politicians can just borrow from the Feds and spend money that they don’t have then not pay it back and I’m somehow liable to the Feds on my tax return. How convenient for the state government people.
Maybe I should lay myself off and put in a claim for unemployment, At least that way I’d get my money back. Do you live in a deadbeat state, too? Watch for that on your tax return if you are incorporated as a small business.
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