The bill would have raised the minimum wage from $5.15 to $7.25 per hour over three years, the first increase in a decade.
It would also have replaced current cuts in the estate tax, due to expire in 2010, with new provisions eliminating the tax entirely on estates worth up to $5 million - $10 million for a married couple - and capping the tax at 15 percent on estates up to $25 million. Larger estates would be taxed at 30 percent.
Bill to boost minimum wage, cut estate taxes stalls� - Aug. 4, 2006
Let's put this into perspective for a second. Disregard the Democrats are pushing for the increase of the minimum wage and that the Republicans say 'Ok, but we get this other thing for our rich friends'. Forget that the minimum wage currently puts you below federal poverty standards. Forget that it hasnt been increased in 10 years. Just focus on the incredible difference in being poor and being rich in this country.
If I have an estate worth $25 million and under the proposed bill, they would cut my taxes down from 30% to 15%.
So: $25,000,000 x .15 = $3,750,000 tax when I die and my estate is consolidated
$3,750,000 / $7.25 = 517,241 So that amount of tax could pay for 517,241 hours of minimum wage.
517,241 / 40 = 12,931 That's 12,931 forty hour work weeks.
12,931 / 50 = 258 That's 258 years worth of 40 hour work weeks.
That's all what the rich people want to pay. That's amazing.
Or look at it this way, if you work 40 hours per week for 50 weeks a year at 7.25 an hour you will gross $14,500 a year. Now let's say you pay 7% in taxes on that a year, so you net $13,485 a year (paying $1015 in taxes). It would take you 278 years to make $3,750,000 in your net wage or 3594 years to pay it off in your yearly 7% taxes.
The gap between rich and poor in this country is a gigantic disgusting chasym and pretty soon the poor folk are going to get fed up.