Minimum Wage Held Hostage

[one...two...tree 2,762]

Late last week, the House voted to couple a minimum wage increase for working families with a massive giveaway for wealthy heirs. The bill violates core American values of fairness and meritocracy and instead relies on a cynical political ploy designed to block an important minimum wage increase. Working families deserve better than the treatment they've received from House conservatives.

By attaching a permanent repeal of the estate tax, the so-called "trifecta" bill weakens the nation's fiscal health by adding hundreds of billions to the national debt and makes it more difficult to address other important programs, such as solving the Social Security solvency gap. Full and permanent repeal of the estate tax would cost nearly $1 trillion over the first ten years of implementation, including the interest payments on additional debt. This is a massive burden for future generations to carry.

America's workers shouldn't be forced to choose between helping their families today and damaging their children's future tomorrow. In fact, they don't have to, since the House bill presents a false choice perpetuated by conservatives who are opposed to a real wage increase.

In the past two months, Representative Hoyer (D-MD) and Senator Kennedy (D-MA) have offered Congress prime opportunities for a serious consideration of the minimum wage. Congress has not increased the minimum wage since 1997. During this time, the economy has grown and profits have risen to record highs, making it very feasible for businesses to raise wages.

Nearly 15 million Americans, 70 percent of whom are workers 20 years and older, would benefit from a minimum wage increase. Almost 60 percent of these workers are women, 40 percent are people of color, and more than a third are the sole breadwinners for their families.

Americans overwhelmingly support an increase to the minimum wage. According to a recent poll conducted by the Pew Research Center, 86 percent of Americans favor raising the minimum wage, and 43 percent of Americans consider raising the minimum wage a top priority.

Amidst this solid evidence for an increase, it is inexcusable for conservatives to link this vital issue with an estate tax repeal that will harm the very working Americans it purports to help. The House bill doesn't do justice to America's collective sense of fairness; it sacrifices future fiscal health to give a break to the heirs of multimillionaires. Common sense dictates that a two dollar increase in the minimum wage for working folks shouldn't be tied to a multimillion dollar tax cut for Paris Hilton. But apparently conservatives think otherwise.

Now's the time for a real increase in the minimum wage, not more cynical gimmicks from Congressional leaders.

http://www.americanprogress.org/site/pp.as...F&b=1986867

[Ban Hammer 13,673]

more rob from the rich and give to the poor, steve?

[Veiled Princess 1]

*rolls eyes*

[one...two...tree 2,762]

more rob from the rich and give to the poor, steve?

Nearly 15 million Americans, 70 percent of whom are workers 20 years and older, would benefit from a minimum wage increase. Almost 60 percent of these workers are women, 40 percent are people of color, and more than a third are the sole breadwinners for their families.

Who's robbing who?

[Ban Hammer 13,673]

more rob from the rich and give to the poor, steve?

Nearly 15 million Americans, 70 percent of whom are workers 20 years and older, would benefit from a minimum wage increase. Almost 60 percent of these workers are women, 40 percent are people of color, and more than a third are the sole breadwinners for their families.

Who's robbing who?

your original post seems to complain about the loss of tax dollars from the ending of the inheritance tax.

Late last week, the House voted to couple a minimum wage increase for working families with a massive giveaway for wealthy heirs. The bill violates core American values of fairness and meritocracy and instead relies on a cynical political ploy designed to block an important minimum wage increase.

so yes, let's take money from the rich to fund more stuff for everyone. nevermind that such had tax paid on it while they were earning it, let's tax them some more because they have so much!

[one...two...tree 2,762]

more rob from the rich and give to the poor, steve?

Nearly 15 million Americans, 70 percent of whom are workers 20 years and older, would benefit from a minimum wage increase. Almost 60 percent of these workers are women, 40 percent are people of color, and more than a third are the sole breadwinners for their families.

Who's robbing who?

your original post seems to complain about the loss of tax dollars from the ending of the inheritance tax.

Late last week, the House voted to couple a minimum wage increase for working families with a massive giveaway for wealthy heirs. The bill violates core American values of fairness and meritocracy and instead relies on a cynical political ploy designed to block an important minimum wage increase.

so yes, let's take money from the rich to fund more stuff for everyone. nevermind that such had tax paid on it while they were earning it, let's tax them some more because they have so much!

Inheritance is EARNED income? How so? Explain to me how Paris Hilton 'worked' for her inheritance?

[Ban Hammer 13,673]

more rob from the rich and give to the poor, steve?

Nearly 15 million Americans, 70 percent of whom are workers 20 years and older, would benefit from a minimum wage increase. Almost 60 percent of these workers are women, 40 percent are people of color, and more than a third are the sole breadwinners for their families.

Who's robbing who?

your original post seems to complain about the loss of tax dollars from the ending of the inheritance tax.

Late last week, the House voted to couple a minimum wage increase for working families with a massive giveaway for wealthy heirs. The bill violates core American values of fairness and meritocracy and instead relies on a cynical political ploy designed to block an important minimum wage increase.

so yes, let's take money from the rich to fund more stuff for everyone. nevermind that such had tax paid on it while they were earning it, let's tax them some more because they have so much!

Inheritance is EARNED income? How so? Explain to me how Paris Hilton 'worked' for her inheritance?

taxes have been paid on it how many times? and she is supposed to pay more taxes? sounds like a can't win scenario.

[one...two...tree 2,762]

taxes have been paid on it how many times? and she is supposed to pay more taxes? sounds like a can't win scenario.

How many times have taxes paid on your income? I think you've bought into some misconceptions about the estate tax. For one, most of us will never ever have to deal with it as it only affects a small percentage of people.

Estate Tax Myths and Facts

Myth: The Estate Tax is a "Death Tax."

Fact: 98% of Americans who die pass their estate on to their heirs completely tax-free — in fact, they get a valuable tax break on capital gains. Zero estate tax is charged on assets left to a spouse or to charity.

Myth: The wealthiest Americans are able to completely avoid paying estate taxes.

Fact: Wealthy Americans most definitely pay estate taxes. In 1998, out of 47,000 taxable estates, there were 374 that were larger than $20 million. Those 374 estates paid over $4.4 billion in estate taxes — more than 20% of all estate taxes collected that year.

Myth: The Estate Tax must be repealed because it is forcing family businesses to close.

Fact: This issue has been wildly exaggerated. Only 3 of every 10,000 people who die leave a taxable estate in which a family business forms the majority of the estate. Family businesses can be protected by raising exemption levels. Repealing the entire Estate Tax is unnecessary.

Myth: The Estate Tax must be repealed because it is forcing family farms to sell out.

Fact: As with family businesses, this issue has been distorted. Only 3 of every 10,000 people who die leave a taxable estate in which a farm forms the majority of the estate. On April 8, 2001, the New York Times reported that the pro-repeal American Farm Bureau Foundation could not cite a single case of a family farm lost due to the estate tax. In any case, family farms can be protected by gradually raising exemption levels. Repealing the Estate Tax will likely encourage the growth of mega-farms, thereby hurting smaller operations.

Myth: The Estate Tax is unfair because it is "double taxation."

Fact: Unrealized capital gains, which form the majority of the value of the largest estates, have never been subject to taxation as income. Repealing the Estate Tax means that these gains would never be taxed. That’s unfair to those who pay capital gains taxes during their lifetimes.

Myth: The Estate Tax takes away over half the value of all estates.

Fact: For 98% of Americans, the Estate Tax takes away nothing, and it actually shields assets from capital gains taxes. For the other 2%, the average effective tax rate is 17%.

Myth: The Estate Tax discourages work and inhibits capital formation.

Fact: There is no hard empirical evidence that U.S. capital accumulation has been held back by the Estate Tax. There is evidence, however, that large inheritances do reduce work effort and saving among recipients.

Myth: The Estate Tax raises little revenue, so repealing it will have no effect.

Fact: Right now, the estate tax raises $30 billion a year for the federal government. That’s about 9% of the non-military discretionary budget. By 2011, the cost of the repeal will reach $60 billion a year, a time when the baby boomers begin to retire in large numbers. Meanwhile, the states stand to lose $9 billion a year by 2010, since they also receive revenue through the federal estate tax.

Myth: The Estate Tax is unfair.

Fact: The Estate Tax is eminently fair. It is collected from those most able to pay. It prevents the creation of family dynasties that would distort our democracy and limit economic opportunities for succeeding generations.

[Ban Hammer 13,673]

taxes have been paid on it how many times? and she is supposed to pay more taxes? sounds like a can't win scenario.

How many times have taxes paid on your income? I think you've bought into some misconceptions about the estate tax. For one, most of us will never ever have to deal with it as it only affects a small percentage of people.

Estate Tax Myths and Facts

Myth: The Estate Tax is a "Death Tax."

Fact: 98% of Americans who die pass their estate on to their heirs completely tax-free — in fact, they get a valuable tax break on capital gains. Zero estate tax is charged on assets left to a spouse or to charity.

Myth: The wealthiest Americans are able to completely avoid paying estate taxes.

Fact: Wealthy Americans most definitely pay estate taxes. In 1998, out of 47,000 taxable estates, there were 374 that were larger than $20 million. Those 374 estates paid over $4.4 billion in estate taxes — more than 20% of all estate taxes collected that year.

Myth: The Estate Tax must be repealed because it is forcing family businesses to close.

Fact: This issue has been wildly exaggerated. Only 3 of every 10,000 people who die leave a taxable estate in which a family business forms the majority of the estate. Family businesses can be protected by raising exemption levels. Repealing the entire Estate Tax is unnecessary.

Myth: The Estate Tax must be repealed because it is forcing family farms to sell out.

Fact: As with family businesses, this issue has been distorted. Only 3 of every 10,000 people who die leave a taxable estate in which a farm forms the majority of the estate. On April 8, 2001, the New York Times reported that the pro-repeal American Farm Bureau Foundation could not cite a single case of a family farm lost due to the estate tax. In any case, family farms can be protected by gradually raising exemption levels. Repealing the Estate Tax will likely encourage the growth of mega-farms, thereby hurting smaller operations.

Myth: The Estate Tax is unfair because it is "double taxation."

Fact: Unrealized capital gains, which form the majority of the value of the largest estates, have never been subject to taxation as income. Repealing the Estate Tax means that these gains would never be taxed. That’s unfair to those who pay capital gains taxes during their lifetimes.

Myth: The Estate Tax takes away over half the value of all estates.

Fact: For 98% of Americans, the Estate Tax takes away nothing, and it actually shields assets from capital gains taxes. For the other 2%, the average effective tax rate is 17%.

Myth: The Estate Tax discourages work and inhibits capital formation.

Fact: There is no hard empirical evidence that U.S. capital accumulation has been held back by the Estate Tax. There is evidence, however, that large inheritances do reduce work effort and saving among recipients.

Myth: The Estate Tax raises little revenue, so repealing it will have no effect.

Fact: Right now, the estate tax raises $30 billion a year for the federal government. That’s about 9% of the non-military discretionary budget. By 2011, the cost of the repeal will reach $60 billion a year, a time when the baby boomers begin to retire in large numbers. Meanwhile, the states stand to lose $9 billion a year by 2010, since they also receive revenue through the federal estate tax.

Myth: The Estate Tax is unfair.

Fact: The Estate Tax is eminently fair. It is collected from those most able to pay. It prevents the creation of family dynasties that would distort our democracy and limit economic opportunities for succeeding generations.

The Estate Tax is a "Death Tax. a good name for it.

The wealthiest Americans are able to completely avoid paying estate taxes - i never disputed that. but what's good for the goose is good for the gander. the original post was all about not being able to tax people like they wish they could. don't we have enough taxes?

The Estate Tax is unfair because it is "double taxation. - it is. the person was paying taxes on his or her income, paying taxes on dividends, paying taxes on any property, and so on. but let's tax them one more time just for good measure.

i just don't see taxing a select percentage of the population - the rich - and others get a free ride. either make it uniform or don't have it. otherwise, it's just robbing from the rich and giving to the poor.

[Fuzzness 2]

there should be no tax for inheritance, rich or not

[Traviesa 0]

Raising minimum wage hurts those it intends to help. By making those jobs more valuable, it makes the undesirable even less desirable in the workforce, because while a company may be willing to pay a certain amount to such an undesirable individual, they're not going to be willing to pay more and will instead be looking for someone more qualified to take over that more expensive job.

[one...two...tree 2,762]

Myth: The Estate Tax is unfair because it is "double taxation."

Fact: Unrealized capital gains, which form the majority of the value of the largest estates, have never been subject to taxation as income. Repealing the Estate Tax means that these gains would never be taxed. That’s unfair to those who pay capital gains taxes during their lifetimes.

The Estate Tax is a "Death Tax. a good name for it.

The wealthiest Americans are able to completely avoid paying estate taxes - i never disputed that. but what's good for the goose is good for the gander. the original post was all about not being able to tax people like they wish they could. don't we have enough taxes?

The Estate Tax is unfair because it is "double taxation. - it is. the person was paying taxes on his or her income, paying taxes on dividends, paying taxes on any property, and so on. but let's tax them one more time just for good measure.

i just don't see taxing a select percentage of the population - the rich - and others get a free ride. either make it uniform or don't have it. otherwise, it's just robbing from the rich and giving to the poor.

Bill Gates, Sr., a prominent advocate of the estate tax, explains, “The reason the estate tax makes so much sense is that there is a direct relationship between the net worth people have when they pass on and where they live. The government that protects their business activities, the traditions that enable them to rely on certain things happening, that’s what creates capital and enables net worth to increase.”

Permanently repealing the estate tax would cost roughly $1 trillion over the first ten years of extension, 2012-2021. This cost includes $808 billion in lost revenue and $222 billion in increased interest payments on the national debt. (The official ten-year cost estimate is much lower: $387 billion. But that estimate is misleading because it covers an earlier ten-year period, 2007-2016, that captures only the cost of five years of extending repeal.)

Given the current fiscal situation — and, more importantly, the looming budgetary challenges posed by the baby boomers’ retirement — it would be extremely unwise (http://www.cbpp.org/6-5-06tax.htm) for the federal government to forgo such large revenues.

But what's even more the issue here, Charles, is that the House Republicans are holding a minimum wage increase hostage unless the estate tax is repealled. That's horse hockeys.

Raising minimum wage hurts those it intends to help. By making those jobs more valuable, it makes the undesirable even less desirable in the workforce, because while a company may be willing to pay a certain amount to such an undesirable individual, they're not going to be willing to pay more and will instead be looking for someone more qualified to take over that more expensive job.

Do you support wages that are fair? If a business could find somebody who'd work for a $2 a day, would that be acceptable? How do you imagine a job market that pays employees what they are worth?

Edited August 7, 2006 by Steven_and_Jinky

[dalegg 143]

The bill violates core American values of fairness and meritocracy....

By attaching a permanent repeal of the estate tax,....

I just want to clarify...repealing taxes violates core American values? I think there are a few dead founding fathers rolling over in their graves now.

[Traviesa 0]

Raising minimum wage hurts those it intends to help. By making those jobs more valuable, it makes the undesirable even less desirable in the workforce, because while a company may be willing to pay a certain amount to such an undesirable individual, they're not going to be willing to pay more and will instead be looking for someone more qualified to take over that more expensive job.

Do you support wages that a fair? If a business could find somebody who'd work for a $2 a day, would that be acceptable? How do you imagine a job market that pays employees what they are worth?

That's where the balance comes in...it needs to be high enough to support cost of living (which I don't believe it is) but low enough so those on the bottom still have a chance. Unfortunately, there's so many at the bottom that raising it at all would be devastating. Picture McD's...instead of hiring Mr. Slightly Retarded to wipe the tables, it will be college students on vacation.

[Ban Hammer 13,673]

Raising minimum wage hurts those it intends to help. By making those jobs more valuable, it makes the undesirable even less desirable in the workforce, because while a company may be willing to pay a certain amount to such an undesirable individual, they're not going to be willing to pay more and will instead be looking for someone more qualified to take over that more expensive job.

x amount for payroll = y amount of employees.

raise the minimum amount for x = less y

follow that, steven?