28 July 2006

GOP ♥ The Little Guy

The GOP can always be counted on to look out for the little guy. They've agreed to allow the national minimum wage to be raised from $5.15 to $7.25 an hour as long as it's tied with a permanent rollback in estate taxes. I say kudos to them for caring so much for the plight of the minimum wage earner. Let's review the math:

Let's assume two full and two part-time jobs for 120 total weekly hours, 52 weeks a year, and a life expectancy of 65. If someone were to start working at age 16, he'd stand to gross

$7.25 * 120 * 52 * 49 = $2,216,760
over his lifetime. Take off half of that for taxes, and our poor fellow has over $1.1M to bequeath to his offspring. Do we really want his poor children to pay the Death Tax on that?!? After he worked and slaved so hard???