On 12/25/2014 5:32 PM, F. George McDuffee wrote:
On Wed, 24 Dec 2014 02:20:00 -0500, Ed Huntress
wrote:
Nick Hanauer, a multi-billionaire who made his money in the new
economy, explains the financial situation we middle-class folks are
in, and why our real incomes are falling; who the real job-creators
are; and why the stock market is going through the roof.
This will either make your head spin or make you punch a hole in your
drywall. Unka' George, this is for you:
http://tinyurl.com/n2x5ajb
Key take away:
"Only Americans who make less than $23,660 a year are
automatically eligible for time-and-a-half pay after working
40 hours a week. "
Shows that thresholds like these, as well as the minimum
wage, should be inflation indexed, and possibly linked to
the productivity index.
Possible palliative actions, at least from the lost tax
perspective:
Is it a big concern for you that the government doesn't take enough
money out of the economy?
(1) Make the employer pay their share of the FICA tax [c.
7.5% of the wages] that would have been collected if the
overtime had been paid.
Which increases their cost so they charge the customer (YOU) more.
(2) As the IRS code says you must pay income tax on anything
of value received, make the employer pay income tax on the
value of the uncompensated labor at the full corporate
income tax rate (c. 35%)
Which increases their cost so they charge the customer (YOU) more.
(3) the IRS could also collect and remit the state taxes,
work mans comp, etc. the employer "saved" by forcing their
employees to work unpaid overtime.
Which increases their cost so they charge the customer (YOU) more.
(4) Name and shame the companies by publishing league tables
of the biggest exploiters. (would require reporting
uncompensated overtime, which may already be done.)
Ya, Then YOU, could boycott, the company would lose business and
layoff the employees. So YOU, are responsible for them losing their job.
FWIW: Compensatory "time off," common at one time in the
aerospace industries, is a complete swindle due to the
frequent "lay-offs," and restrictions on when it can be
used.
Are you really worried about people earning $75,000 a year?
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