To: Libloather
The minimum wage California worker who was earning $8/hr ($8 x 40 x 4 = $1,280/month) will now earn ($8 x 29 x 4 = $928/month) and have the option of buying health insurance for $247-$325/month or paying a fine to the IRS. (Ignoring payroll taxes this leaves $603-$681 per month for food, shelter and transportation.) Now Obama can claim he's made everybody rich! At a "tax" rate of about 50%, the $8 worker must be rich now, right?
12 posted on
05/25/2013 6:35:06 AM PDT by
Sooth2222
("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
To: Sooth2222
The minimum wage California worker who was earning $8/hr...Actually that min. wage person won't pay anything for insurance because they will be on Medicaid (or Medical in CA). So you and I will be paying for it.
But you're spot on them not getting more than 29 hour work weeks anymore to avoid the penalty.
Unintended consequences...
14 posted on
05/25/2013 6:53:07 AM PDT by
lovecraft
(Specialization is for insects.)
To: Sooth2222
You are exactly right! Companies are already reducing full time workers and hiring part time workers to replace them. More will be on welfare because it will be harder to raise a family on even lower income.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson