Decades Old Unemployment Tax Expires Print E-mail
news_for_webExpiration will save businesses about $14 per employee per year.

A 35-year-old "temporary" unemployment tax expired today, which will save businesses across the nation money. 

Businesses that employ a large amount of workers will see the biggest effect. For example, Wal-Mart will see savings of roughly $20 million a year.

The expiration comes at a time when elected officials are trying to find ways to decrease the deficit. One option is to raise taxes on corporations. The expiration of a tax that began in 1976 is somewhat surprising news.

President Bush proposed extending the tax in his 2009 budget, and President Obama proposed making it permanent in his 2012 budget released earlier this year. Congress paid little attention to the tax, however, allowing it to expire.

For more, read this Associated Press story.