[qilmuz6v]

WASHINGTON - The Senate voted overwhelmingly Thursday to boost the federal minimum wage by $2.10 to $7.25 an hour over two years, but packaged the increase with controversial tax cuts for small businesses and higher taxes for many $1 million-plus executives.

The increase in the minimum, the first in a decade, was approved by a 94-3 vote, capping a nine-day debate over how to balance the wage hike with the needs of businesses that employ low-wage workers.

A top priority of Democrats, the wage hike has both real and symbolic consequences. It would be one of the first major legislative successes of the new Democratic-controlled Congress.

"Passing this wage hike represents a small but necessary step to help lift America's working poor out of the ditches of poverty and onto the road toward economic prosperity," said Sen. Edward Kennedy (news, bio, voting record), D-Mass.

President Bush urged the House to support the measure, including the tax help for small business. He said, "The Senate has taken a step toward helping maintain a strong and dynamic labor market and promoting continued economic growth."

Senate ups wage to $7.25 over two years - Yahoo! News


Now if the G.O.P wants to keep hillary out of the White house Bush better SIGN IT! If Bush Vetoes it and Congress wont override it then IM VOTING FOR HILLARY!!!

[citicroego]

Yay! Some people with low incomes will lose their jobs now because businesses that pay minimum wages will be forced to cut jobs to continue to compete. Those left with minimum wage paying jobs will have to take on more work. Yay! All the democrats will achieve is increase the unemployment rate and increase the cost of living. The only people they are hurting are the poor who are of course are mostly uneducated, don't understand market forces, are easily duped and voted for them. How ironic, how idiotic, how sad.

[qilmuz6v]

My Job wont be cut..Cause they need a good reason to cut me cause i am HANDICAPPED!!! And the ACLU and ADA will not put up with it. I already went to court over my job loss because of my medical disability and I WON!!! And that Judge is one mean assed S.O.B and i dont think my boss wants to see his face again.

[buyviagraonlineusatoday]

Yay! Some people with low incomes will lose their jobs now because businesses that pay minimum wages will be forced to cut jobs to continue to compete. Those left with minimum wage paying jobs will have to take on more work. Yay! All the democrats will achieve is increase the unemployment rate and increase the cost of living. The only people they are hurting are the poor who are of course are mostly uneducated, don't understand market forces, are easily duped and voted for them. How ironic, how idiotic, how sad.

They have put in some sort of tax cuts to counteract the hit on labor but I agree with you.

Raising the minimum wage simply makes things more expensive. The way I react to the increase is only buy what I need. I end up spending less and saving more because I can't see the value in the increase in price. I start eating at home because fast food places prices rise. Cutting back on my overall spending.

What does that do for our economy? It eliminates jobs. Employers have to cut jobs because they have to remain competitive to stay in business and people like me aren't buying. Cost goes up demand for products go down.

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My Job wont be cut..Cause they need a good reason to cut me cause i am HANDICAPPED!!! And the ACLU and ADA will not put up with it. I already went to court over my job loss because of my medical disability and I WON!!! And that Judge is one mean assed S.O.B and i dont think my boss wants to see his face again.

If this discussion was only about you the problem would be sloved. But others will lose their job. Thats the problem. Small businesses
will suffer even with the supposed tax cuts.

Raising min wage doesn't really solve the problem because the people who are on min wage are typically irresponsible. Thats why they are in that position in the first place. So all they will likely do is blow the money on the wrong things. Then you have to consider that as they make more they pay more taxes and have to pay a higher price for the goods they buy everday. Does raising the mon wage really help? I wonder.

[qilmuz6v]

It does. 6.77 an hour does not pay my bills!!

[buyviagraonlineusatoday]

It does. 6.77 an hour does not pay my bills!!

But 7.25 does??

Small business owners now have higher costs and have to compensate with higher prices that you and your higher wage still have to pay. The reality is it all evens out with inflation. You make more but pay more for everything.

[qilmuz6v]

But 7.25 does??

Small business owners now have higher costs and have to compensate with higher prices that you and your higher wage still have to pay. The reality is it all evens out with inflation. You make more but pay more for everything.

Ill Help a little

[buyviagraonlineusatoday]

Ill Help a little

Little is right.

After you take out the taxes and count the inflation it causes what do you have left?

[JTS_tv]

Let's see. $.45 minus, say 20% fed and state taxes? $3.60 per week! That's enough for a happy meal, innit?

[qilmuz6v]

Let's see. $.45 minus, say 20% fed and state taxes? $3.60 per week! That's enough for a happy meal, innit?

Theres no state income taxes in florida.

[buyviagraonlineusatoday]

Theres no state income taxes in florida.

You win. You can make my burger anyday. Mayo lettuce and ketchup please. Oops I dropped a crumb, can you get that for me....thanks.

[qilmuz6v]

Sure

Thatll be $5.67 please

[buyviagraonlineusatoday]

Sure

Thatll be $5.67 please

LOL!

Thats a fat burger.

[RobsShow]

That looks pretty disgusting actually.

[Narus63]

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!

[Atmotteenrift]

I remember reading that there was also a $8 billion dollar tax cut in there for small businesses.

EDIT: Yeah, here it is

The Senate voted 94-3 Thursday to increase the federal minimum wage in three steps from $5.15 to $7.25 in a bill that also gives $8 billion worth of tax cuts to small business.

Link

[Narus63]

I remember reading that there was also a $8 billion dollar tax cut in there for small businesses.

EDIT: Yeah, here it is

The Senate voted 94-3 Thursday to increase the federal minimum wage in three steps from $5.15 to $7.25 in a bill that also gives $8 billion worth of tax cuts to small business.

Link

Right. The story I linked to included this:

Those tax breaks, worth $8.3 billion over 10 years, are coupled with a proposal to raise taxes by a similar amount on corporations, their chief executives and other highly paid workers. So the Senate version contains tax breaks and tax increases, both worth about the same amount of money over 10 years.

[RooldpalApata]

But 7.25 does??

Small business owners now have higher costs and have to compensate with higher prices that you and your higher wage still have to pay. The reality is it all evens out with inflation. You make more but pay more for everything.

Wasn't inflation going up anyways?

[WeestDype]

People gotta trust that some economic evaluations were done (such as consequences towards inflation, etc) before approval takes place.

Also, consider the poverty threshold - each year it goes up. As this goes up, minimum wage remains static. In other words, minimum wage is not correcting itself for the poverty threshold.

Poverty - Poverty Thresholds