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Minimum wage hikes..... (Read 54 times)
AlexW
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Re: Minimum wage hikes.....
Reply #15 -
07/12/17 at 08:09:08
Doubling minimum wage ought to actually
more than
double tax income from minimum wage workers, because their taxable income will double but their deduction most likely won't (they're probably claiming standard deduction). In effect, doubling their income more than doubles their post-deduction income and therefore more than doubles their tax bill.
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raydawg
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Re: Minimum wage hikes.....
Reply #16 -
07/12/17 at 08:41:48
AlexW wrote
on 07/12/17 at 08:09:08:
Doubling minimum wage ought to actually
more than
double tax income from minimum wage workers, because their taxable income will double but their deduction most likely won't (they're probably claiming standard deduction). In effect, doubling their income more than doubles their post-deduction income and therefore more than doubles their tax bill.
Thank you Alex.
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