Originally Posted By: IndyIan
What's the link though, between raising minimum wage and the amount of taxes a $250+k income needs to pay?
Up here we don't pay any taxes on the first $11-12k, so a bump in pay to the minimum wage income, equals more tax paid by that group. Plus they should qualify for less government assistance. This could/should result in lower taxes for upper incomes.
The link is pretty simple: increase minimum wage (and let's be serious, we're talking about doubling it), there will be fewer jobs, then there will be more people on public assistance (in its myriad forms), and more tax revenue will be needed to sustain them.
Happens every time...and yet, we keep trying it over and over, expecting a different result.
By the way, our intrepid 1% guy? He worked as a busboy, for $3.50 an hour, which was below minimum wage (because that doesn't apply to positions with tipping), in 1982 - 1984, to help pay for his college. He went to college on a combination of financial aid (which required student contributions) and academic/merit scholarships.
So, he knows what it's like...but he also knows the difference between a job and a career...which is why he worked so hard to get through college...
What's the link though, between raising minimum wage and the amount of taxes a $250+k income needs to pay?
Up here we don't pay any taxes on the first $11-12k, so a bump in pay to the minimum wage income, equals more tax paid by that group. Plus they should qualify for less government assistance. This could/should result in lower taxes for upper incomes.
The link is pretty simple: increase minimum wage (and let's be serious, we're talking about doubling it), there will be fewer jobs, then there will be more people on public assistance (in its myriad forms), and more tax revenue will be needed to sustain them.
Happens every time...and yet, we keep trying it over and over, expecting a different result.
By the way, our intrepid 1% guy? He worked as a busboy, for $3.50 an hour, which was below minimum wage (because that doesn't apply to positions with tipping), in 1982 - 1984, to help pay for his college. He went to college on a combination of financial aid (which required student contributions) and academic/merit scholarships.
So, he knows what it's like...but he also knows the difference between a job and a career...which is why he worked so hard to get through college...
Last edited: