ATR Applauds the Expiration of “Temporary” Tax Introduced in 1976

ATR ^ | 2011-07-01 | James Paul

[92nina]

Rep. Dave Camp (R-Mich) announced yesterday that House Republicans will not be extending a harmful tax on jobs, known as the FUTA surtax: “The time was October 1976. KC and the Sunshine Band encouraged Americans to 'Shake Your Booty' and the Bee Gees proclaimed that 'You Should Be Dancing.' And Congress created a supposedly 'temporary' Federal unemployment tax on jobs, sometimes called the Federal Unemployment Tax Act (FUTA) 'surtax.' Today, after 35 years and eight separate extensions of this provision, the surtax will expire as House Republicans, led by Ways and Means Committee Chairman Dave Camp (R-MI) have refused to entertain an extension of this 'temporary' tax on jobs beyond its current June 30, 2011 expiration date.

Discussing the expiration of the FUTA surtax, Camp stated, ‘The death of any tax on jobs – no matter how big or small – is a historic moment and one to be celebrated. The fact that it has taken 35-years for this ‘temporary’ tax to expire clearly illustrates the dangers of higher taxes – once in place, they are unlikely to ever go away. We need employers paying more salaries, not paying higher taxes. And when the surtax expires, job creators will get a little and long overdue relief...’”

Read more: http://www.atr.org/atr-applauds-expiration-temporary-tax-introduced-a6311#ixzz1RLrKRD6S

[92nina]

Federal Unemployment Tax Act (FUTA) surtax, extended eight times over 35 years, finally comes to an end.

Take this article and others I found to the fight to the Libs on their own turf; put the Left on the defensive at at Digg and at Reddit and in Stumbleupon and Delicious

[2banana]

There was a Spanish-American “temporary” tax on the use of phones that took nearly 100 years to not get renewed...

[dools0007world]

Well Woo Hoo—finally a really small beginning.

Long, long way to go.

[rstrahan]

There is nothing more permanent than a “temporary” tax.

[T-Bird45]

There is nothing more permanent than a “temporary” tax.

Exactly!!! Anybody else old enough to remember LBJ's "surtax" during the VietNam War? It was a 10% tax on top of your other income tax rate.

[walsh]

It’s a start.

[Erik Latranyi]

I hope FReepers who call Republicans “useless” read this article.

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A step in the right direction and, at this point, we need every step we can take.

[SunkenCiv]

Thanks 92nina.

http://www.irs.gov/businesses/small/international/article/0,,id=104985,00.html

The Federal Unemployment Tax Act (FUTA), with state unemployment systems, provides for payments of unemployment compensation to workers who have lost their jobs. Most employers pay both a Federal and a state unemployment tax. A list of state unemployment tax agencies, including addresses and phone numbers, is available in Publication 926, Household Employer’s Tax Guide. Only the employer pays FUTA tax; it is not deducted from the employee’s wages. For more information, refer to the Instructions for Form 940 (PDF).