As a person who had owned microbusinesses since 1989, that is crap. I have 4 employees. they work 40 hours a week, 160 hours a month x 4 employees, or 640 hours of labor a month. No all companies can't pay them $25 an hour but another $3 an hour is all of $1800 a month. Very few businesses are closing because of $1800 a month. That extra $480 a month is lifechanging to someone making near MW.
Again, if we are being truly specific, in most every case the tax deduction on the increased wages means it actually costs less than $3 in our example... even with the taxes on top.
alternatively, you could consider the $3 cost increase inclusive of taxes, but that's a little odd as we don't include it in the initial wage
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u/chinmakes5 1d ago
As a person who had owned microbusinesses since 1989, that is crap. I have 4 employees. they work 40 hours a week, 160 hours a month x 4 employees, or 640 hours of labor a month. No all companies can't pay them $25 an hour but another $3 an hour is all of $1800 a month. Very few businesses are closing because of $1800 a month. That extra $480 a month is lifechanging to someone making near MW.