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Latest Taxpayers Tab: Minimum Wage Revisited
April 20, 2014
In the President's State of the Union address earlier this year, there was particular emphasis placed on the growing disparity between America's highest and lowest income earners. His speech made it clear that one of his top priorities would be to raise the federal minimum wage, with or without Congressional support -- and he followed through in February by raising the base hourly pay for federal contract workers via an executive order.
In this week's edition of The Taxpayer's Tab, NTUF examined one of the proposals to raise the federal minimum wage across the rest of the country, Senator Tom Harkin's (D-IA) Minimum Wage Fairness Act. S. 1737 would raise the minimum wage to $10.10 per hour within three years, and has picked up 39 cosponsors in the upper Chamber. The Congressional Budget Office (CBO) estimated that while the bill's provisions would lift some 500,000 workers above the poverty line, it could also cost as many as 1 million jobs in 2016. CBO's analysis shows the bill would increase federal spending by about $2 million over five years, and reduce revenues by $13.7 billion in that same time (largely because of an extension for certain small business tax deductions included in the text).
Also featured this week:
NTUF has also been in the news lately: our analysis on Congressional Caucus budget alternatives was featured at Townhall.com, and Real Clear Policy picked up Research and Outreach Manager Dan Barrett's piece on the "Neutral Tax".
For more on the bills above and other NTUF-related news, you can read the Tab online.
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