Virgin Islands businesses face higher unemployment taxes as territory struggles to pay down $69 million debt

The passage details a fiscal issue affecting the U.S. Virgin Islands, citing specific debt figures and tax rate changes. While it provides concrete numbers and names of local officials, it does not im Territory owes $69.1 million in federal unemployment insurance loans. Businesses must pay a 2.4% unemployment tax (four times the normal rate). Labor Commissioner Catherine Hendry and Treasury/Dept.