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Democrats want to make the minimum wage $17 an hour and give nearly 28 million workers a raise (www.businessinsider.com)

submitted 1 year ago by [email protected] to c/[email protected]

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cross-posted from: https://infosec.pub/post/916523

Sen. Bernie Sanders is once again calling for a higher federal minimum wage. The current rate has been $7.25 since 2009.

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[–] [email protected] 0 points 1 year ago (1 children)

at this point, you need to combine a more modest increase in minimum wage with a ubi or universal tax credit that all tax filing residents get. raise the minimum wage too much, too fast, and a lot of businesses would simply close or go under, but a more modest increase plus eliminate the burden of providing and funding health care insurance plans for employees, and that wouldn't happen.

something like a $12 an hour minimum wage (about $24k annually at full time) PLUS $24k annual ubi tax credit would be equivalent of about $24 an hour ($48k annually). combine that with single-payer, tax-funded health care for all residents. automatically enrolled by the irs when you file your taxes each year.

all funded by increased marginal rates on higher incomes. the higher the income is, the higher the marginal rate becomes, up to the rates that existed before the trickle-down fraud era began.

states would be allowed to raise their own minimum wage higher, but they would also need to fund an equivalent increase in the ubi to their state residents as well.

[–] [email protected] 2 points 1 year ago* (last edited 1 year ago)

A modest increase means never catching up with an actual liveable wage. If businesses can't survive paying a living wage then they deserve to go out of business.

With a UBI businesses should just pay whatever they want. At that point people would be able to hold out for decent pay instead of taking terrible wages just to survive.