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From the 110th Congress

S. 2 Minimum Wage Hike

Sen Reid, Harry

TAGS: minimum wage, labor

Comments

Minimum Wage Is Plantation Wage

by flirtskirtguy on Feb 5, 2007 11:43:54

The proposed increase is too little too late. And it won't even reach the $7.25 for two years! What we REALLY need is a federal LIVING wage, with NO tax breaks for the fat cats.

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Latest Version

Updated by jeweke

on Feb 10, 2007 7:41:31

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Summary

This bill will raise the minimum wage from $5.15 an hour to $7.25 an hour over two years.

Amendments

Language from S.349 has been adopted as an ammendment to S.2. Among other changes, this language would extend two tax loopholes: One break permiting businesses to combine up to $112,000 in expenses into one annual tax deduction, another providing a tax reduction for employers who hire low-income or disadvantaged workers. This language will also place a $1 million limit on tax deferred executive compensation and end deductions for court settlements or punitive damages./1/

Background

The federal minimum wage of $5.15 an hour has not been raised since 1997. Raising the minimum wage has been listed as a priority on the Democrats’ legislative agenda.

Process Commentary

This bill has passed the Senate and is now in Conference with the house version, HR 2. The house verision lacks the business tax breaks.

Additional Links

/1/ Kuhnhenn, Jim "Tax Breaks Sidetrack Minimum Wage Bill" Associated Press 1/25/07

<h1>Summary</h1> This bill will raise the minimum wage from $5.15 an hour to $7.25 an hour over two years.  
<br />
<h1>Amendments</h1> Language from <a href="http://www.us.billhop.com/bills/110/S.349/">S.349</a> has been adopted as an ammendment to S.2.  Among other changes, this language would extend two tax loopholes:  One break permiting businesses to combine up to $112,000 in expenses into one annual tax deduction, another providing a tax reduction for employers who hire low-income or disadvantaged workers.  This language will also place a $1 million limit on tax deferred executive compensation and end deductions for court settlements or punitive damages./1/ 
<br />
<h1>Background</h1> The federal minimum wage of $5.15 an hour has not been raised since 1997. Raising the minimum wage has been listed as a priority on the Democrats’ legislative agenda.
<br />
<h1>Process Commentary</h1>  This bill has passed the Senate and is now in Conference with the house version, <a href="http://www.us.billhop.com/bills/110/H.R.2">HR 2</a>.  The house verision lacks the business tax breaks.
<br />
<h1>Additional Links</h1>/1/ Kuhnhenn, Jim <a href="http://www.guardian.co.uk/worldlatest/story/0,,-6369311,00.html">"Tax Breaks Sidetrack Minimum Wage Bill"</a> Associated Press 1/25/07

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