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Wednesday, October 08, 2014

Economic Education

Okay so I was watching Fox news this morning, and they had a story on Joe Biden at a fundraiser – a small business owner came up to Joe Biden as he was at sitting at his table, and began to talk to him about raising the minimum wage hike. The owner agreed that people need to make a livable wage, but that that also includes small Business owners.

Here's just a few facts that the Obama administration is not sharing with people…

§ Federal minimum wage was last raised to $7.25 per hour in 2009

§ 10 states and Washington DC have passed wage hike during the 2014 legislation season

§ six states and Washington DC passed legislation raising minimum-wage to more than $10 an hour

§ 38% of private employers would lay off workers if minimum-wage raised to $10.10 an hour

§ 54% of private employers would reduce hiring if minimum-wage were raised to $10.10 an hour

§ 65% of private employers would raise the prices to offset a new $10.10 minimum wage

Most people do not realize how much an employer has to pay beyond what you earn in minimum-wage ... While the state and federal government and Fiechuk do you take out from your wages your employer has to at least match that to pay for having you as an employee as well.

Perhaps if the federal government took that side of things out of it where the employer doesn't have to pay amount of FICA or doesn't have to pay the equal about of taxes just for having an employee – then maybe they can get away with a higher minimum-wage

This would however put all of the tax burden on the employee… Which you know you're not going to want to pay ... You would lose about half of your paycheck to cover just your portion of FICA.  

In fact you would probably be only bringing home 15 to 20% of your paycheck if you had to cover all the expenses that your employer plus you have to pay

Now how do I know this you might ask?

My father, dearly departed, used to have his own business.

During his business time, not only did they raise federal taxes, FICA, state taxes, workmen's Comp., health insurance, etc.… But then the stage also added more taxes to that!

As a small business, he had a high quality to fencing (chain-link and decorative iron) but for decades he was the cheapest company out there.

at one point he had 2 salesman, 2 warehouse man, and a receptionist.

So he was used to dealing with employee issues.  It was the rays of his portion that he had to cover the cost him start laying people off.  The receptionist was "replace" with my mother who worked basically for free (she was volunteer) ... Towards the end my brother was a sales man, installer, and warehouse man -- because it was just cheaper to pay one employee instead of three employees.

But the thing that caused my father to basically shut down his shop was States Sales And Use tax.

My father interpreted the implementation of the text in one manner, the other employer in that share his complex interpret it a Nother way, and the auditor from the state that payment interpreted it as third way ...

The state interpret it Holdelly different way!

My father said that the federal and state governments no longer want small businesses because<b>  they make it too hard </b> 

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