Donald Quintana’s Post

A federal minimum wage adjusted for inflation and productivity should be $25 an hour. It hasn’t happened because politicians -from both parties- believe their core constituency is corporations, and they’ve served them well, protecting the profit margins of companies whose business model is based on exploiting teenagers and youngsters by paying sub-poverty wages. In 2021, when Democrats controlled both houses of Congress, eight Democrats joined with the GOP to kill a measure to raise the minimum wage to $15. It's easy to exploit teenagers and youngsters.   https://lnkd.in/ght7JNTu

Kansas became the fourth state in the nation to regulate earned wage access (EWA) as a unique financial product. EWA is an innovative financial technology offering workers much-needed flexibility and control over their earnings. Thank you, Governor Kelly, for your important leadership on this issue, which will impact employers and employees who rely on this important service. Kansas follows the lead of Nevada, Missouri, and Wisconsin in regulating earned wage access at the state level. https://lnkd.in/dCVkyf2A

I wasn't aware that healthcare workers were also included in the California bill to raise wages. Someone pointed it out to me in the comments. I don't agree that the government should be involved and the below article is a great reason why. However - I'm willing to pay the person giving me an injection at least the same amount as the person flipping my burger. Call me crazy. But it looks like there was at least one small difference between those two groups of workers. You know what the difference is? Who pays. In the case of all the fast food workers - business owners pay. Of course consumers pay also but if business owners don't raise wages they get shut down or probably go to jail. In the case of many healthcare workers - the government pays. The government can't pay? They "push it back" which of course is step 1. Guess which group just had their raises punted? And while the raises have initially just been pushed - there is no 3% revenue increase coming from anywhere as residents continue to flee the state. #healthcare #minimumwage #california https://lnkd.in/ghTDA6ug

Yes! This plus we need better governance of the EEWG (Executive-Employee Wage Gap). Gains in worker productivity have not translated into higher worker wages since the early 1980s. Instead, productivity gains (think GDP) have disproportionally gone to the top. Those opposed to these types of regulations (ie higher minimum wage, profit sharing rules, and/or limits to the EEWG) counter that it will stifen innovation and entrepreneurship, but my research hopes to demonstrate that there is an optimal level in which increasing the sharing of profits/wages with workers not only improves employee wellbeing but simultaneously doesn’t hinder or demotivate entrepreneurship. #equitablecompensation #workerrights #consciouscapitalism #futureofbusiness

Unpopular opinion. Raising the minimum wage won't solve much if anything. Why? Because the bigger problem will continue to be the way people decide to use earned money. Consumption is the problem and politicians can not solve that for a person. That is the responsibility of each individual. By raising the minimum wage makes sense logically that a person would have more money in a paycheck. Still, in California the state takes money, the Federal Taxes are paid, gas prices are the highest in the nation because the politicians want to change the behavior of what you drive which will end up costing you more overall. After all, energy prices are skyrocketing. Then people are not likely to give up their Netflix, Amazon and other subscriptions because they are accustomed to the ease of accessing consumption now because that is there level of comfort now. The flow of funds how dollars flow through your wallet is the number one barrier people face in the middle and lower classes which only seem to be combining faster. Taxes are a way for politicians to get more of your money. Raising the minimum wage means you will pay more taxes. Politicians want more of your money to fund their interests. You earn a paycheck to fund your specific interests. That's a huge difference. The only way to get more advantages for your dollars is to provide a structure to it that addresses the issue of keeping more of what you earn with as little friction as possible and stop transferring more of what you earn away from you. Dm me to get specific. #cashflow #realassets #familyfinances

So, let's dive into the hot topic of the day, or should I say, the night. 🌟 I came across an article about California planning to raise the minimum wage for fast food workers to $20. 💰 Sounds like a win for workers, right? 🎉 Well, not exactly. 🤔 Here's the thing: while it might seem like a good idea on the surface, it could actually end up hurting the workers. 😬 Here's why: Right now, the minimum wage is $16. 💵 If you're not into trading or other professions, flipping burgers in California might not be a bad gig. 🍔 But when the minimum wage jumps to $20, a lot of folks could lose their jobs. 😞 Especially those working for big chain restaurants. 🏢 #MinimumWage #California #JobLoss Follow my only account @RaynLim for more insights!

As more states and countries establish clear legal guidelines around earned wage access (EWA), more consumers can access the advantages of on-demand pay in a safe and responsible manner.

"During Tuesday night’s debate, Trump and Harris discussed the economy, but neither referenced the simplest available move to reduce poverty and inequality: raise the minimum wage. On the campaign trail, they’ve both jumped on an idea to eliminate the federal income tax on tips. This is populist [...] that would accomplish nothing. Workers who depend on tips comprise just 2.5% of the workforce, and most don’t make enough to pay income tax. Meanwhile, one can imagine private equity firms and real estate brokers finding law firms to restructure their carried interest fees and commissions as “tips.” BTW, nearly every change to the tax code over the past 40 years has transferred wealth from the young/middle-class to corporations and the überwealthy, who are enjoying their lowest tax burden since 1939 and paying single-digit tax rates. UC Berkeley economist Michael Reich and University of Victoria economist Justin Wiltshire recently wrote, “Outside the theoretical world, economists have conducted hundreds of studies on the actual effects of minimum wage. They repeatedly find that increasing the minimum wage raises the pay of low-wage workers, without leading to even minor job losses. Prices increase by minimal amounts that are too small to deter anyone from buying a burger or taco.” An April 2024 study by University of Michigan and Carnegie Mellon economists found much the same thing. Co-author Nirupama Rao said, “Our results show clearly that minimum wages do little harm to independent firms and even benefit some owners while meaningfully increasing both the earnings and employment of young and low-earning workers. Of course, these gains to workers and owners are financed by consumers, who appear fairly inelastic in their overall demand for the goods and services furnished by independent businesses affected by minimum wage policies.” According to a 2021 study by the Congressional Budget Office, raising the federal minimum wage to $15 by 2025 would lift 900,000 people out of poverty. And a 2019 study by the Economic Policy Institute, a Washington think tank, estimated that raising the minimum wage to $15 could lead to an annual increase in consumer spending of $22 billion." (nomercynomalice@mail.profgalloway.com, September 13, 2024)

Is it acceptable to only make $50 a day at minimum wage after taxes? Source: https://lnkd.in/gdcU9_wX Is $7.25 an Hour Enough to Live On in America? #minimumwage #livingwage #finances Are You Making Minimum Wage? Here’s What You Need to Know Key Points: - With a minimum wage of $7.25/hr, your daily earnings after taxes could be around $51 - Is this amount enough to cover living expenses in today’s economy? - What does this say about the state of wages in the U.S.? Whether you’re working a minimum wage job or just curious about how much people are earning, the question remains: Can $7.25 an hour truly support a living wage in America? Join the conversation and share your thoughts.

𝐀𝐫𝐞 𝐲𝐨𝐮 𝐭𝐡𝐢𝐧𝐤𝐢𝐧𝐠 𝐚𝐛𝐨𝐮𝐭 𝐮𝐧𝐞𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐞𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝐟𝐨𝐫 𝐧𝐞𝐱𝐭 𝐲𝐞𝐚𝐫? The state unemployment taxable wage base is the amount of employee earnings subject to state unemployment tax. These wage bases are based on the solvency of a state’s Trust Fund, which pays out unemployment benefits. Only 19 states met the minimum solvency requirements for 2024, up from 16 states in 2023 but down from 31 states pre-pandemic. States often raise unemployment wage bases to increase Trust Fund revenues. This means employers pay more tax per employee if wages exceed the wage base, even with a stable workforce and low unemployment experience. While it is still early, we are already aware of several states that will have higher taxable wage bases in 2025 as compared to 2024. In 2024, 25 states increased their wage bases by an average of 7.5%, while only one state lowered it. The year-over-year increase since 2020 has been 3.7%, compared to 1.5% in the five years prior. As employers start to plan and budget for payroll taxes in calendar year 2025, they may want to consider any changes in the state unemployment taxable wage bases. To learn more about how Thomas & Company can enable your success this tax rate season, visit our website at www.thomas-and-company.com. #ThomasAndCompany #WeEnableSuccess #Unemployment #TaxableWageBase #TaxRates