Foundation for Economic Education
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Senate Passes New Minimum Wage with Tax Cuts and Hikes
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The Senate voted overwhelmingly yesterday to increase the federal minimum wage for the first time in nearly a decade, but added small-business tax breaks that are unacceptable to House leaders, preventing Democrats from claiming a quick victory on one of their top legislative priorities…. It [the bill] would extend for five years a tax credit for employers who hire welfare recipients and 'high-risk youth' and expand the provision to include disabled military veterans…. House leaders have demanded that the tax measures be stripped from the bill. (Washington Post [1], Friday)
A perfect compromise: more intervention, more complexity in the tax code, more government power.
FEE Timely Classic
The Minimum Wage's Dirty Little Secret [2] by David N. Laband
Article printed from Foundation for Economic Education: http://www.fee.org
URL to article: http://www.fee.org/articles/in-brief/senate-passes-new-minimum-wage-with-tax-cuts-and-hikes/
URLs in this post:
[1] Washington Post: http://www.washingtonpost.com/wp-dyn/content/article/2007/02/01/AR2007020101615.html
[2] The Minimum Wage's Dirty Little Secret: http://www.fee.org/publications/the-freeman/article.asp?aid=4493
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