Congress May Increase Minimum Wage For Small Tax Breaks

Reports MSNBC:

Congress would pass an increase in the minimum wage before leaving Washington for vacation, but only as part of a package rolling back taxes on the heirs of multimillionaires, a Senate leadership aide said Friday.

The GOP package would also contain a popular package of expiring tax breaks, including a research and development credit for businesses, and deductions for college tuition and state sales taxes.

The wage would increase from $5.15 to $7.25 per hour, phased in over the next two years, the aide said.

You want an example of the Right favoring the rich? This would be it. A tax break for the heirs of multimillionaires, who I assume don't create many jobs, in exchange for an increase in minimum wage, which will absolutely destroy many low-skill jobs, the only kind most "poor" people are capable of getting.

Tax breaks are almost always good for the economy. Even tax breaks for the "heirs of multimillionaires" are most likely better than the alternative; the government taking the money, spending a large chunk of it on bureaucracy, and then spewing out what's left at random, destroying the free market's ability to provide economic indicators which lead to a healthy, efficient, and vigorous economy with more of the jobs, services, and goods we need.

Minimum wage laws, on the other hand, force employers to hire less employees than they need or want, and cause low skill workers, also known as "the poor," to be unable to find jobs. Wages usually increase for everyone when there is a minimum wage increase, since most people say "if he got a raise, I want a raise." Other employees, such as union members, use there terroristic union representatives to get contracts that base their wages on minimum wage, meaning an increase in minimum wage almost always means an increase in unionized workers' wages as well.

This artificial increase in wages across the board leads to less jobs and more expensive goods and services. Generally, not a good combination for the economy.

Is this a good bill, then? I haven't looked into it much, but I'm betting it will do no good, and will probably do some bad. But hey, people think, Higher wages! More money for me! which gets politicians more votes. Wait a minute! Isn't there an election coming up? Curious...