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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (15487)6/18/2004 4:02:29 PM
From: CalculatedRisk  Read Replies (1) | Respond to of 110194
 
How about this: No SS tax on the minimum wage?

Here is my thinking ... we could raise the minimum wage from $5.15 to $5.50, but neither the employee or the employer pays SS tax on the minimum wage. So $5.50 would be the same to the employer and the employee would get an extra $0.70 (or so) per hour.

The employee would still get credit for hours worked (for SS) and we could make up the difference in SS revenue by raising the maximum salary that pays SS.

More money to the working poor. No layoffs due to higher costs. More aggregate demand for goods.



To: Knighty Tin who wrote (15487)6/18/2004 4:28:40 PM
From: benwood  Read Replies (1) | Respond to of 110194
 
KT, I'd be surprised if many jobs at $6/hour would get outsourced if the minimum wage went up to $7/hour -- I just don't see the bang-for-buck there. I would expect more small businesses to simply fold, however, or cut back, and probably hut the very people it was intended to help.

I like your CEO proposal. I predict that CEO salaries will come into line again -- it will take the bursting of the final GreenieBubble to effect that change.


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