Congressman Randy Forbes (R-4th) announced today that he voted in favor of H.R. 3548, to allow workers to draw an additional 14 weeks of federal unemployment benefits after exhausting their regular 26 weeks of state compensation. According to the Joint Committee on Taxation, the bill is revenue neutral and paid for through a number of offsets.
“Last week, the Administration announced that the unemployment rate hit 10.2 percent in October, the highest rate of unemployment in the past 26 years. We have felt the reality of this figure right here in our own communities with the closure of the Franklin International Paper mill. Not only are families personally feeling the impact of unemployment, but our local economies continue to feel the impact. One of the most important steps we can take to achieve economic recovery is to help families get back on their feet financially, creating a stop gap in the foreclosure crisis and allowing increased spending on goods and services,” said Forbes.
Unemployment insurance is temporary income for workers who are unemployed through no fault of their own. In general, unemployment compensation is based on a percentage of an individual’s earnings over a recent 52-week period – up to a maximum amount determined by the state. H.R. 3548 will provide families in all states with 14 weeks of additional federal unemployment benefits.
The bill will not raise unemployment insurance taxes on small businesses. Instead, the increase in unemployment benefits is paid for by delaying worldwide interest allocation for multinational corporations from 2010 to 2018, and by increasing the penalty for failure to file a partnership or S corporation return from $89 to $195.
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