There is a bill in congress to raise the fed minimum wage a couple bucks IF the inheiritance taxes are abolished. So, it looks lke the little guy gets a crumb and the wealthy get a cake. Are you in favor or not...and why?
2006-07-28 19:04:23 · 8 answers · asked by homerunhitter 4 in Business & Finance ➔ Taxes ➔ United States
Increasing the minimum wage will mean that some people will make more money, but others will lose their jobs. It also means that there will be higher inflation, and more jobs will move overseas. A good idea? No.
The bill does not abolish the estate tax--it just lowers the rate. But lowering the rate means that it is easier for the descendants of the most wealthy people to get even more wealthy, even if they don't really have much ability to manage money. You have to be a multi-millionaire before the estate tax applies to you now. A good idea? No.
So, the bill is the combination of two bad ideas. I wouldn't vote for it.
2006-07-29 15:48:27 · answer #1 · answered by NotEasilyFooled 5 · 0⤊ 0⤋
I am in favor of raising the minimum wage, but not for abolishing the inheritance taxes. This is just another way that congress is once again helping the rich and richer.
2006-07-29 07:56:53 · answer #2 · answered by kathyd10950 1 · 1⤊ 0⤋
Those who get paid minimum wages don't pay that much tax in the first place. People always think its the rich vs. poor, but in the tax system those with more income (the wealthy) PAY more in taxes. Even if there are modifications to the law, they still pay more in dollars AND a percentage than most of the middle or lower class. So, in essence we are TAXING the wealthy. Don't listen to the liberal news, it gives you diarrhea.
2006-07-29 13:51:55 · answer #3 · answered by Molly 6 · 0⤊ 1⤋
Minimum wages need revision but not greater than $5.5. You are talking abt federal rate & this applies every where including rural areas & all kinds of jobs/industry.
Anything over 5.5 will hurt small businesses.
(70% of economy is small business related)
2006-07-29 08:21:25 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Perfect example of congressional horse trading. Makes no sense to put the two together, except that each buys votes for the other.
2006-07-29 02:57:51 · answer #5 · answered by TaxGuru 4 · 1⤊ 0⤋
Maybe lowering the inheritance tax.
The tax is easy to avoid anyway - all you do is put everything in a trust.
2006-07-29 02:08:07 · answer #6 · answered by trolling_for_recs 2 · 0⤊ 0⤋
I'm not aware of this bill, could you provide your source, I would like to read it. Thank you!
2006-07-29 02:11:25 · answer #7 · answered by Josh 4 · 1⤊ 0⤋
read the news bush just increased it to 7.45 hr
2006-07-29 04:42:02 · answer #8 · answered by Rick R 2 · 0⤊ 0⤋