A plan to raise Illinois’ minimum wage to more than $10 per hour passed a Senate committee Wednesday, despite protests from business owners who said it will harm their ability to stay afloat in a tough economy. Proponents of Senate Bill 1565 say a minimum-wage hike will put more money in workers’ pockets (ignoring the fact that there will be fewer workers), thus enabling them to spend more money at Illinois businesses.
Illinois’ minimum wage now stands at $8.25. The measure would increase the wage by 50 cents a year until it matches the the inflation-adjusted equivalent of minimum wage in 1968, which was $1.60 per hour. The phased-in hikes would bring Illinois’ minimum wage to $10.55 in 2015, after which yearly cost-of-living increases would occur. (Bye bye kiddies in the work force.)
I am curious about how you feel on the other end. Executives, hedge fund managers pro athletes earning 10 million a year reach the marginal rate by the middle of January. They reach the social security max during the first week of January. The tax table rates are 10-15-25-28-33 and 35% to infinity. How about a continuation of tax rates and have the marginal rate start at 25 million at 90%. Sounds fair to me. Social security amount to 250,000.