On Thursday the Senate voted a 94-3 vote to passed an increase in the minimum wage from $5.15 to $7.25 an hour over two years. The bill will also consist of extended small business tax cuts, close off some corporate tax loopholes and rein in executive compensation.
Because of this the House Democrats are insisting that the tax provisions be removed. Our President has warned "I strongly encourage the House to support this combined minimum wage increase and small business tax relief," Why all the fuss?
According to the The Washington Post the bill would extend for five years a tax credit for businesses that hire the disadvantaged and would provide expensing and depreciation advantages to small companies, including retailers that own their own stores. The tax breaks would be paid for by closing loopholes on offshore tax shelters, by capping deferred compensation payments to corporate executives and by removing the deductibility of punitive damage payments and fines.
I can't see anything wrong with this bill, so why are the Democrats being so pickie on this?
Because of this the House Democrats are insisting that the tax provisions be removed. Our President has warned "I strongly encourage the House to support this combined minimum wage increase and small business tax relief," Why all the fuss?
According to the The Washington Post the bill would extend for five years a tax credit for businesses that hire the disadvantaged and would provide expensing and depreciation advantages to small companies, including retailers that own their own stores. The tax breaks would be paid for by closing loopholes on offshore tax shelters, by capping deferred compensation payments to corporate executives and by removing the deductibility of punitive damage payments and fines.
I can't see anything wrong with this bill, so why are the Democrats being so pickie on this?
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