Business

A Minimum Wage Compromise

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Looks like Dem Senators know they don’t have enough votes and are going to work with the Repubs…maybe…

From the NY Times:

WASHINGTON, Jan. 29 � The Senate is expected to clear the way on Tuesday for an increase in the minimum wage that Democrats and some Republicans agree is overdue.

But the Senate’s approval may not mean that workers will actually start receiving bigger paychecks in the immediate future.

The Senate bill differs from the one that cleared the House, and includes $8.3 billion in tax breaks for small businesses that Republicans and some Democrats say are necessary to offset the cost of the wage increase.

However, the question is why? The bill that passed in the House had the backing of 83 Republicans and it didn’t include any tax cuts.

Maybe the actual cuts are what we should be looking at…

Among the tax breaks would be a five-year extension of the credit provided to employers who hire people who have traditionally had trouble finding jobs, as well as a tax credit for hiring veterans disabled in Afghanistan and Iraq after the 9/11 attacks; an extension through March 31, 2008, of a provision that allows businesses to deduct the cost of improvements to leased properties more quickly; and a permanent change to the tax code allowing small businesses to use the cash method of accounting.

The Senate Committee on Finance, which approved the small business tax breaks in the package being voted on, said the cuts would be covered by closing tax loopholes for companies and executives.

Ladies and gentleman…pass the damn bill already with the tax cuts and let’s call it a day.