General Discussion
In reply to the discussion: Do Americans Understand How Badly They're Doing? [View all]cstanleytech
(26,082 posts)Why? Because its a band aid and it will only improve peoples financial footing for a very short time as companies will simply raise their prices across the board to maintain their profit level.
No, a better option imo is link wages to a companies corporate taxes.
The more employees they have that earn under 400% of the federal poverty level the higher their corporate taxes.
So I would raise the tax level for companies earning more than 50 million a year (this way small mom and pops are not hurt and they should only pay 10% tax) to 80% and eliminate all corporate write offs for them.
Then make it so the higher % of their employees that earn over that 400% lower the taxes go
and if 100% of their employees then they pay 0% tax rate total.
Example
80% = 80%
60% = 60%
40% = 40%
20% = 20%
0% = 0%
There is a catch to get down to 0% they also have to employee 10,000 people inside the US companies smaller than that get to go down to 20%.
This way most peoples wages would keep more abreast with the cost of living than simply raising the minimum would every so many years plus it takes it out of the hands of Congress and the President as both should be barred by federal law from trying to interfere or influence the setting of the federal poverty level.
Oh and also franchises and temp workers (including seasonal) would count as part of a companies work force so they cannot try to skirt around it by using either of those.