Happy New Year, Nevada employers.
Starting Jan. 1, you will be hit with a 50 percent increase in the taxes you pay to provide unemployment benefits to workers, the state Employment Security Council decided Tuesday.
But that won't be the last of your increases.
As early as September, your unemployment taxes are expected to be boosted again to help the state pay back another $300 million it will borrow from the federal government.
With Nevada already leading the nation in unemployment, the State has to raise taxes on employers because of the deficit in the unemployment insurance fund. It can only lead to more unemployment or, at best, no new jobs.
It seems to be a vicious circle. Raise unemployment taxes on businesses. Unemployment increases. Raise taxes again to pay for the increased unemployment.
Increased taxes will not stimulate the economy and create jobs.