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Wed Nov 28, 2012, 09:11 AM

A sneaky proposition

Last edited Wed Nov 28, 2012, 10:10 AM - Edit history (1)

How about linking the highest tax bracket to the minimum wage? Say, if minimum wage is $8/hour, make the highest tax bracket 40% starts at 25,000x that or $200,000/yr.

That way every time the minimum wage is increased, the rich get their cut, and would have an incentive to increase it. If they want a million dollar top bracket, then raise the minimum wage to $40!

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Arrow 4 replies Author Time Post
Reply A sneaky proposition (Original post)
n2doc Nov 2012 OP
Still Sensible Nov 2012 #1
n2doc Nov 2012 #3
GeorgeGist Nov 2012 #2
n2doc Nov 2012 #4

Response to n2doc (Original post)

Wed Nov 28, 2012, 10:05 AM

1. Probably makes too much sense to be considered

but, as described it wouldn't necessarily effect the "rich" very much. On the other hand, if the top tax bracket is at 40%, you could simply increase the exemption by $100k for every dollar the minimum wage is raised. For example, assume the President's desire is passed that removes the tax break for people making over$250k (which means the first $250 gets taxed at at a lower rae and earnings over that amount are at the top tax rate). If you raise the minimum wage by $1, then the tax break could be on the first $350k, with the higher bracket then kicking in. This approach might have a chance to get more poltical support.

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Response to Still Sensible (Reply #1)

Wed Nov 28, 2012, 10:10 AM

3. oh I have no illusions about it being a politically possible idea

But perhaps a refinement would be to base all 'inflation' based tax and benefit increases on the minimum wage instead. Wage goes up, SSI goes up, tax brackets creep up. Wage stagnates, everyone else suffers too.

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Response to n2doc (Original post)

Wed Nov 28, 2012, 10:08 AM

2. $200,000/hr?

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Response to GeorgeGist (Reply #2)

Wed Nov 28, 2012, 10:10 AM

4. a year

I shouldn't have to spell that one out.

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