Socialism for the 1%. Earned Income Tax Credit—Food Stamps—Medicaid—all of these programs provide taxpayer subsidies to businesses and corporations. Other taxpayer subsidies to businesses include tax deductions for: the cost of labor, company provided health care benefits, and 401 (K) contributions. The income tax system needs to be revamped so that the other 99% of us can share in the Socialist system that the 1% now enjoys, and the minimum wage needs to be raised to a decent level. Say to $16.00 an hour with a Standard Income Tax deduction of $33,280.00.
Quite frankly, I’m surprised the article even got published.
Federal minimum wage laws are only semi-effective — they need to be regionally adjusted to reflect the local cost of living, which can vary dramatically from place to place.
Also, it would be nice to also have an effectively enforced maximum compensation law, which sets a ceiling that is a specific multiple of the minimum wage. (all forms of compensation counted; no loopholes.) Say, a max of 30 times the minimum. (Right now, that would mean a ceiling of about $500k; higher in expensive regions and lower in low-cost-of-living places). Then you’d see executives lobbying vigorously for a higher minimum wage.
Deductibility of worker payroll is not the problem. It is advantaged deduction of capital equipment that creates disincentives to hiring.
Socialism for the 1%. Earned Income Tax Credit—Food Stamps—Medicaid—all of these programs provide taxpayer subsidies to businesses and corporations. Other taxpayer subsidies to businesses include tax deductions for: the cost of labor, company provided health care benefits, and 401 (K) contributions. The income tax system needs to be revamped so that the other 99% of us can share in the Socialist system that the 1% now enjoys, and the minimum wage needs to be raised to a decent level. Say to $16.00 an hour with a Standard Income Tax deduction of $33,280.00.
Quite frankly, I’m surprised the article even got published.
Federal minimum wage laws are only semi-effective — they need to be regionally adjusted to reflect the local cost of living, which can vary dramatically from place to place.
Also, it would be nice to also have an effectively enforced maximum compensation law, which sets a ceiling that is a specific multiple of the minimum wage. (all forms of compensation counted; no loopholes.) Say, a max of 30 times the minimum. (Right now, that would mean a ceiling of about $500k; higher in expensive regions and lower in low-cost-of-living places). Then you’d see executives lobbying vigorously for a higher minimum wage.
Deductibility of worker payroll is not the problem. It is advantaged deduction of capital equipment that creates disincentives to hiring.