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Latest Version
Latest Version
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
Version No. 4
This is an older version of this article.
Summary
This bill will raise the minimum wage from $5.15 an hour to $7.25 an hour over two years.Amendments
S.349 is expected 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
Senator Kennedy on the filibuster via spurious amendmentsAdditional Links
/1/ Kuhnhenn, Jim "Tax Breaks Sidetrack Minimum Wage Bill" Associated Press 1/25/07
Version No. 3
This is an older version of this article.
Summary
This bill will raise the minimum wage from $5.15 an hour to $7.25 an hour over two years.Amendments
S.349 is expected 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.Additional Links
/1/ Kuhnhenn, Jim "Tax Breaks Sidetrack Minimum Wage Bill" Associated Press 1/25/07
Version No. 2
This is an older version of this article.
Summary
This bill will raise the minimum wage from $5.15 an hour to $7.25 an hour over two years.Amendments
An amendment tying corporate tax changes is expected. The expected ammendment would extends two tax loopholes: One break permits businesses to combine as much as $112,000 in expenses into one annual tax deduction, the other break is a tax credit for employers who hire low-income or disadvantaged workers. This amendment will also place a $1 million limit on tax deferred executive compensation and ends 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.Additional Links
/1/ Kuhnhenn, Jim "Tax Breaks Sidetrack Minimum Wage Bill" Associated Press 1/25/07
Version No. 1
This is an older version of this article.
Summary
This bill will raise the minimum wage from $5.15 an hour to $7.25 an hour over two years. Amendments are expected to be considered which will also provide small business tax breaks.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.Additional Links
Kuhnhenn, Jim 'Linking minimum wage to small business tax breaks considered by Senate Democrats' Associated Press January 6, 2007
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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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