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

Summary

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 implicate high‑ranking national officials, foreign leaders, or major power centers, nor does it reveal novel misconduct. The lead is useful for understanding a regional financial problem but offers limited investigative value beyond standard reporting. Key insights: 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. of Labor officials are quoted.