the minimum wage worker that pays in the low tax bracket will jump to a higher tax bracket when hes paid $15/hr
Err .. no
Far from forgetting, I actually checked (I know - strange idea
):
A single person on $15/hr with zero deductibles, working 8 hours a day, 5 days a week, 52 weeks a year, would earn $31,200 which is well within the
15% bracket ($9,075 to $36,900).
then its a game much like overtime pay....... how many hours can I work before I hit the next tax bracket and actually lose money by working more
Not much of a worry, given the next tax bracket is only 25% and that goes all the way up to $89,350 (same link as above).
To
start to pay more than 25% tax on $15/hr would mean working over 16 hrs a day, 365 days a year.
So not too much danger there
could it be because prices are calculated based on what the market will bare....... so raisning the price to $5 for whichever reason.... wage increases or profit increase... would actually cost them money through lower sales?
You are precisely correct: competition keeps the price down.
Exactly the same competition that keeps prices down when minimum wages increase.
Also, given that all of MacDo's competitors are affected equally, it would be a wash anyway.
BTW: I'm not saying a $15 minimum wage is remotely likely or even necessarily a good idea, I'm just saying the majority of arguments trotted out against it have been proved, by decades of experience across dozens of countries, to be complete and utter rubbish.
Every time any country, anywhere has proposed introducing or increasing a minimum wage, the same sorry arguments and dire predictions have been made. Every time, in every case, in every country, they have been proved flat out wrong:
none of the calamities the opponents claimed were inevitable have EVER actually happened.
Latest economic thinking actually claims that far from destroying jobs, increasing the US minimum wage to $9.80 could
create 100,00 US jobs.
I have no doubt that there is a point beyond which increasing the minimum wage would be detrimental, however we're nowhere
near that point now. To match the buying power the minimum wage had in 1968 it would have to be
$10.69/hr now. And that entirely ignores the
344% growth in US GDP over the last 46 years.
Ain't it about time we looked at the actual evidence?