My only point is that this seems like an awful lot of confirmation bias. Something everyone suffers from.
My only point is that this seems like an awful lot of confirmation bias. Something everyone suffers from.
Start: 100 people paid $100
After minimum wage change: 90 people paid $125, 10 people paid $0
After tax increase: 90 people paid $113 + $12 taxes, 10 people paid $108 from taxes
Now everyone is paid at least as much as they were before, and fewer people are forced to perform labour
In practice it was only 3% unemployment not 10%, which means the tax increase is less and there is more of an incentive to continue working. You can also pay the displaced workers less than their original wage, to reach an equilibrium where everyone is happy with either work+more money, or leisure+less money. Or have it be age-based with an earlier retirement. Or have people work part-time.
We need to stop seeing having a job as being inherently good. Being able to live is good. Humanity should strive for 100% unemployment.
The gap between what a minimum wage job pays and what it costs to scrape by is covered by government or charity, if they didn't do that the workers would die, which means the jobs don't get done, so that means the resource spent by governments or charities as a result of a low minimum wage is a subsidy for the employer. Instead of paying what it costs they get it for cheaper to create a fiction of "employment".
Requiring companies to pay more than value added by an employee simply fire those workers.
The purpose of govt is to provide assistance, and perhaps training, so those on min wage can gain experience and skills to move up.
Min wage is merely an entrance wage into jobs.
This study by UC Berkeley attributed a 3.7% increase in food price because of the minimum wage changes. It's quite likely that food overall getting more expensive is responsible for a lot of what you're seeing.
If we can't afford to pay people in California a wage where they can live here, then maybe the economy overall isn't sustainable? A $20 minimum wage is like $2800 take home per month and in many places that can barely cover rent.
I'm also not sure in what world you live, but the effective tax rates for most of the wealthiest are effectively 0 [1] , compare that to the tax rate of an average wage earner.
The final point is that ratio of CEO pay to average salary pay has skyrocketed [2] . How do you explain that away?
[1] https://www.propublica.org/article/the-secret-irs-files-trov...
I already pointed out the answer to your "how do you explain..." question above.
If you want to argue about taxes take the time to understand them.
Except that being paid in shares is not really calculated as a pay and top levels borrow money from banks with shares as a collateral so basically they pay zero taxes on their income. Even kids know that.
Simply google "do ceos pay taxes on shares" and you'll see plenty of places making it clear they do. Part of my income at several places has been in shares, and they're always taxed.
Borrowing against assets isn't taxed for anyone, as it's not income, whether it's a common homeowner getting a mortgage, a person spending on a credit card, or any other loan.
Zero of this affects the facts I linked. And your claims are demonstrably wrong.
Even kids know that.
Also, I highly suspect that even if we take the ratio of top 1% CEOs compared to top 1% of non-executive employees the picture would not change dramatically (unfortunately I can't find easily accessible information).
Also note mean wage is also not total compensation by a long shot. The actual benefits are tracked by BLS total compensation, or better yet, BLS cost to employ, which has grown a lot of the past few decades. The biggest tax breaks (or as people like to call them when it suits them, tax giveaways or tax loopholes) give more to the poor and middle class than all the tax breaks enjoyed by all companies combined: mortgage deduction, 401k style deferred taxes, and employer healthcare deduction, all give massive breaks the majority of which accrues to the poor and middle, yet this also gets ignored in this discussion.
No matter how you want to slice it comparing the top 500 out of 250K to all is simply bad stats, as bas as claiming the top 500 wage employees to all CEOs would show every day earners have a gap over CEOs. And it's simply designed to create outrage - that CEO taking less pay is not going to suddenly accrue to the workers.
So no matter how you want to slice it, it's completely bad stats.
US top tiny amount of incomes pay vastly more, even per dollar earned, than in any other first world country, where middle and lower class pay a much larger share.
Around the bottom 50% of US taxpayers pay zero federal income tax, and after post tax transfers (aid, etc...) the lowest decent sized chunk get money back, i.e., negative federal income tax.
Then, after already covering the vast majority of US tax burden, the really wealthy end up paying another large chunk in estate taxes (and no, there isn't magic sauce where they all hide all assets in foreign lands - you can simply go over public IRS data, or CBO data and see).
Here's historical effective rates by quintile. Bottom two were 9.3% and 15.0%, top 27.1% in 1979, in 2019 they were 0.6%, 8.9%, 19.3% top 1% remains over 30%. https://taxpolicycenter.org/statistics/historical-average-fe...
How much more progressive is enough?
https://www.cbpp.org/research/what-do-oecd-data-really-show-...
No, it compares the top 500 CEO pay out of 250k+ CEOs to all workers, which is as ludicrous and misleading as comparing the top 500 worker pay to all 250k CEOs and thinking this is the useful metric to rage about.
But can someone explain this to me?
>Light is technically something called electromagnetic radiation and it has a frequency and wavelength. That wavelength can vary, depending on the energy of the wave. High energy waves have a higher frequency and shorter wavelength, and low energy waves have a lower frequency and longer wavelength.
>This means that the same amount of energy at different wavelengths will not be perceived as the same brightness. For example, a light with a wavelength of 555 nm (green) will appear brighter than a light with a wavelength of 450 nm (blue) even if they have the same energy.
The article asserts that the wavelength (thus color) changes with the amount of energy, but then it says that you can have light of different wavelengths (color) with "the same energy."
These energies are very small. You can add a lot of photons per second, increasing the brightness of that color, and this now has the energy per second of all those photons. So you can have a lot of red photons which sum to some energy, or a different number of blue photons that sums to (very, very close) the total red energy.
These are the two energies he confuses in those two places.