“Democrats argue that if fully phased in by 2016, it would push a family of three above the federal poverty line - a level such earners have not surpassed since 1979. “
Except the ones losing their jobs from it.
“Democrats argue that if fully phased in by 2016, it would push a family of three above the federal poverty line - a level such earners have not surpassed since 1979. “
Except the ones losing their jobs from it.”
The Rats argue that it would “push a family of three above the federal poverty line”. This is a very very flawed argument. They make that statement based on the cost of goods, food, services TODAY. Raise the minimum wage and the cost of everything starts inching up and up and up. If simply raising the minimum wage worked, HOW COME IT DIDN’T WORK THE PAST TIMES THEY RAISED THE MINIMUM WAGE? Because the cost of the wage increases get passed on to everyone. It’s the only way businesses can stay in business. They also don’t factor in the costs of FICA and Medicare taxes to both the employee and the employer. Those taxes are calculated by the wage.
I haven’t looked at the current tax tables but does the fairly large increase jump mean “a higher tax bracket” for those earning minimum wage?