Last Friday, the House passed legislation to raise the minimum wage to $7.25 per but allied it with a permanently reduction of the estate tax: "In essence, House leadership decided it was fine to help an estimated 14.9 million workers making less than $7.25 per hour increase their average annual income by $1,200 to $4,400, as long as 8,200 wealthy people receive an average estate tax reduction of $1.4 million (in 2011). Minimum wage workers earning as low as $10,700 per year are given a raise, but only if a few individuals with estates worth more than $3.5 million benefit as well."
One or two of those figures don't feel intuitively right, but as I am going to leave for an important matter in 5 minutes, I don't have time to check that out.
However, as Senate is scheduled to vote on the bill this week, you might wish to check out the story at: http://www.sojo.net
search for "Minimum wage double-cross in Congress"
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Thursday, August 03, 2006
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