what is the percent of americans now paying a higher tax bracket because of the minimum wage increases?
2007-08-15 17:39:08 · 2 answers · asked by specal k 5 in Politics & Government ➔ Politics
The only thing an increase in the minimum wage actually does is increase tax revenue. Think about it. The government can take more out of paychecks from those earning minimum wage for FICA, SSI, Medicare, and income taxes. Since businesses must raise prices to pay for increased labor costs, this would result in higher sales tax revenues, as sales tax is a percentage of the price of the product.
An increase in the minimum wage does not significantly change the quality of life of those earning minimum wage and clearly does not help businesses.
2007-08-15 18:11:16 · answer #1 · answered by msi_cord 7 · 0⤊ 0⤋
NO!!! ;-)
2007-08-16 00:54:54 · answer #2 · answered by Conan 4 · 0⤊ 0⤋