DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Senate ups wage to $7.25 over two years THANK YOU DEMS!

**Narus63** · 02-02-2007, 11:49 AM

The title of this thread is a little misleading - yes, the Senate passed the increase in minimum wage, but those of us who think it's a good thing (and I do) should thank everyone who voted for it. The vote was 94 to 3 - that 94 includes a bunch of Republicans.

It has to go to conference, because the Senate couldn't manage to pass the first increase in the minimum wage in 10 years without throwing in some tax breaks for small businesses. But they did it in an interesting way.

As approved by the Senate, the bill would extend several business tax deductions and credits, including one that allows small businesses to accelerate deductions for new purchases. It 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.

To cover the costs of those provisions, the bill would close loopholes used by corporations that do business overseas and increase penalties for tax evasion. It would also place new restrictions on one of the most popular perquisites in corporate America by forbidding executives from deferring more than $1 million in pay every year and placing the money in tax-deferred accounts. Anyone who exceeded the allowable amount would be forced to pay taxes on all income deferred since Dec. 31, 2006, plus a 20 percent penalty. Source

The House and Senate should be able to work out their differences. After all, with a 94 to 3 vote in the Senate, and a 315 to 116 vote in the House, that's a whole lot of bipartisan support for the increase in minimum wage!

02-02-2007, 11:49 AM	#16
Narus63 Join Date Oct 2005 Posts 383 Senior Member	The title of this thread is a little misleading - yes, the Senate passed the increase in minimum wage, but those of us who think it's a good thing (and I do) should thank everyone who voted for it. The vote was 94 to 3 - that 94 includes a bunch of Republicans. It has to go to conference, because the Senate couldn't manage to pass the first increase in the minimum wage in 10 years without throwing in some tax breaks for small businesses. But they did it in an interesting way. As approved by the Senate, the bill would extend several business tax deductions and credits, including one that allows small businesses to accelerate deductions for new purchases. It 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. To cover the costs of those provisions, the bill would close loopholes used by corporations that do business overseas and increase penalties for tax evasion. It would also place new restrictions on one of the most popular perquisites in corporate America by forbidding executives from deferring more than $1 million in pay every year and placing the money in tax-deferred accounts. Anyone who exceeded the allowable amount would be forced to pay taxes on all income deferred since Dec. 31, 2006, plus a 20 percent penalty. Source The House and Senate should be able to work out their differences. After all, with a 94 to 3 vote in the Senate, and a 315 to 116 vote in the House, that's a whole lot of bipartisan support for the increase in minimum wage!
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