what would be the result of abolishing minimum wage?

I would welcome a graduated minimum wage.
Hire a worker at half minimum wage for 90 days and if they are good keep them at regular minimum wage.

Minimum wage jobs are not intended to support families they are to help companies find good workers.

Problem now is that minimum wage is so high is gets to expensive to fish around for good employees.
 
Quote from Mercor:

I would welcome a graduated minimum wage.
Hire a worker at half minimum wage for 90 days and if they are good keep them at regular minimum wage.

Minimum wage jobs are not intended to support families they are to help companies find good workers.

Problem now is that minimum wage is so high is gets to expensive to fish around for good employees.
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what kind of a nut case are you? Do you think the federal government exists to help you fish? Why not just write a law that any employer who hires an employee gets a free bass boat?
 
Quote from futurecurrents:

I don't buy the argument that if the wealthy were taxed a little more that they would stop working. They didn't stop working during the Clinton era and the taxes were higher for them then.

1 % owns 40% of the wealth in America. Try telling me that is not a problem.
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Problem is when a society gets richer the gap widens. If everyone makes 10% more this year then last year the guy at 100k a year makes 10k and the guy at 10k a year only makes 1k.

The wealth gap has shrunk in the last 2 years because everyone has made less.

To see if the wealth is gap is a problem look at the life style of the bottom half not the 1% at the top.

The tax the wealthy resistance has a lot to do with how the Government is spending the money.

Many wealthy pay many times more then they do in taxes to send their children to private schools. If they felt they could get the same quality of education in a public school I am sure they would be willing to pay more tax dollars.
 
Quote from hoodooman:

Hows about a maximum wage limit. That would stop a lot of what's wrong with america.:D
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That would produce Germany like productivity but I wouldn't support that.
 
it really is a mind boggling question. What if the tax rate on any income over 1m was 100%. What would happen? Bill O'reily of fox news says he would just quit. How would that hurt me, or society in general?

How would I be hurt if Jeter only made a million dollars a year? Maybe he would quit and we would get a new shortstop.

Most likely a bunch of former millionaires would sit around bitching that the guy who took their job isn't worth a million dollars a year.
 
yeah man, now I'm really tripping out here watching aliens on AMC late at night, and thinking about a true flat tax. Only the flat tax rate is 100% and the only thing they debate about each year is how high or low the exemption should be.
 
The result of abolishing the minimum wage would be a drive down in wages because most minimum wage jobs have supply overhead (i.e low skill). Some people argue that people would naturally not work for less then a working wage. However, those who make that argument fail to consider the large number of workers who would choose to work minimum wage and don't require a living wage: i.e housewives, students, rich kids, retired people, etc.

It is thus very important to have a minimum wage level or else more people who don't require the job would work them while those with less education and require such jobs would end up requiring social services/unemployed.

As for maximum wage, it would not have much effect. Most CEOS are payed with stock options and other forms to get around paying huge salaries, already. IT is easy to imagine such exemptions would be used to skirt such efforts.
 
Quote from oldtime:

it really is a mind boggling question. What if the tax rate on any income over 1m was 100%. What would happen? Bill O'reily of fox news says he would just quit. How would that hurt me, or society in general?

How would I be hurt if Jeter only made a million dollars a year? Maybe he would quit and we would get a new shortstop.

Most likely a bunch of former millionaires would sit around bitching that the guy who took their job isn't worth a million dollars a year.
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So true. We'd then have a bunch of unemployed WHINERS. The overpaid are often the biggest whiners(squeaky wheels), that's often how they got their pay.
 
yeah, I figured it out about half way through Ancient Aliens. Nobody would get paid more than 1m and therefore there would be no tax revenue.
 
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