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senate Bill S. 2223

Raising the Minimum Wage Every Year

Argument in favor

Raises the federal minimum wage in increments, allowing the economy to calibrate. Disallows the minimum wage from being raised and then forgotten about for years. The current rate of $7.25 per hour is not a living wage.

Argument opposed

A state, as opposed to federal, issue. Would drive up costs of goods and services. On the other end of the spectrum, the raise is far too low: adjusted for inflation, the minimum wage should be over $20 an hour.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
    IntroducedApril 8th, 2014

What is Senate Bill S. 2223?

This bill would increase the federal minimum wage from $7.25 per hour to $8.20 per hour six months after the date the bill was signed into law. The bill would authorize two more minimum wage jumps as well: to $9.15 an hour one year after the first increase, and to $10.10 an hour two years after the increase to $8.20. A fourth jump would also occur three years after the initial increase and every year thereafter. Those jumps would be based on the Consumer Price Index. 

The bill would also increase the federal minimum wage for tipped employees to $3.00 an hour six months after the bill was signed into law, and provides a formula for  subsequent annual adjustments of the minimum wage for tipped employees. 

Finally, the bill raises the cap on expensing allowances, increasing it $500,000 for business assets, including software, and treats "qualified real property" (such as restaurant property) as "depreciable business property."

Impact

The bill impacts the federal minimum wage and taxable business expenses.

Cost of Senate Bill S. 2223

$2.00 Million
While the math here is complicated, and depends on a number of variables, including application of microeconomic analysis, the CBO estimates that direct spending would increase by $2 million over the next decade.

More Information

Media:



Of Note:

In late April, Senate Republicans filibustered a separate bill that would have jumped the minimum wage to $10.10 from its current $7.25 figure. That bill fell six votes short of passing. 

(Photo Credit: scross/Pixabay)

AKA

Minimum Wage Fairness Act

Official Title

A bill to provide for an increase in the Federal minimum wage and to amend the Internal Revenue Code of 1986 to extend increased expensing limitations and the treatment of certain real property as section 179 property.

    Why should we raise the minimum wage??? People have gone to school, paid their way to EARN an education to make a decent wage. We should not just hand out money to people because they feel they should have it. Most of us have busted our butts off working more than one job to make ends meet. Juggled bills, school, working taking care of the necessities etc. just to make things work...We never ever asked the government to change the minimum wage so that we could have it easier. By doing this it will cause those who busted their butts to get where they are at today (making the wage they currently are at ) to lose out; making them make the same wage as those making the "new minimum wage" or close to it. How is this fair?????? Also, how is it fair to increase the cost of living for everyone? Housing costs, food costs, fuel costs, etc. That's what will happen when we raise the minimum wage to such a substantial amount. No one is thinking about the ripple effect. This will decrease the amount of affordable housing, increase the poverty level, increase the number of people who will not want to go to college and get an education... you ask Why? Why go to college when you can get a job paying $15 +/Hr.
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    It does not matter how long it takes to raise the minimum wage, it will never be a stable living wage. The minimum wage is merely the starting point. It is up to each individual to develop their abilities, and become worth higher wages in their jobs. Or find a way to become self employed in such a way as to make earnings rise to a living wage.
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