Does Minimum Wage Increase Help Or Hurt The Appraisal Business?

[J Grant]

That reality hurts my feelings on so many levels.

Since you failed to do any research into the reality, (see post 230) your poor lil feelings...

 

[J Grant]

duplicate

 

[Randolph Kinney]

In 2017, 80.4 million workers age 16 and older in the United States were paid at hourly rates, representing 58.3 percent of all wage and salary workers. Among those paid by the hour, 542,000 workers earned exactly the prevailing federal minimum wage of $7.25 per hour.

Characteristics of minimum wage workers, 2017 : BLS Reports

 

[ucbruin]

"FWIW I believe a jump to $15 an hour for USA is too high."
*************

"The Raise the Wage Act, backed by House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer and several declared or prospective 2020 Democratic presidential candidates, would hike the minimum wage to $15 per hour by 2024 through annual increases."


https://www.cnbc.com/2019/01/16/hou...bill-to-hike-minimum-wage-to-15-per-hour.html

 

[Michigan CG]

"The Raise the Wage Act, backed by House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer and several declared or prospective 2020 Democratic presidential candidates, would hike the minimum wage to $15 per hour by 2024 through annual increases."

And that makes them idiots. What is good for New York City or San Francisco is not necessarily good for Kearney, Nebraska or Podunk, North Dakota. Why do these people not respect state's rights?

 

[DTB]

Hmmm, you used the word "ensure." Aware of its definition? I'm not moving goalposts; you're still looking for the field!

Yup, "make certain of obtaining or providing (something)"

Give us your list of corrections that need to be made to ensure the greatest number of successful people. Have at it Pete. Make it as complicated or convoluted as you'd like. You love to take pot shots, let's see what you got.

Nobody said all, just the most.

Still haven't seen a single answer, not that I expected you to have any.

 

[ucbruin]

And that makes them idiots. What is good for New York City or San Francisco is not necessarily good for Kearney, Nebraska or Podunk, North Dakota. Why do these people not respect state's rights?

1. My post was in response to JG and meant to show that if the Dems pass that bill it will take 5 years to reach $15.00. So it's not as if 15.00 would be tomorrow....

2. I agree with you about states' rights....

3. But neither the feds nor the states get it right 100% of the time....

4. Some of us want legalized pot while others want legalized segregation....

No one gets it right all of the time....

 

[Dublin ohio]

Below reprinted from my posted link- instead of being disingenuous, post the FACTS about nations Finland, Sweden, Norway, etc which do have their own version of a min wage/collective bargaining ( and more generous benefits than the USA)I said in my original post min wage OR collective bargaining ( which has same or better results, the anti min wage folks on this board are also anti union /collective bargaining)

Finland None; however, the law requires all employers, including non-unionized ones, to pay minimum wages agreed to in collective bargaining agreements; almost all workers are covered under such arrangements.[8]

Denmark None; instead, negotiated between unions and employer associations; the average minimum wage for all private and public sector collective bargaining agreements was approximately DKK 110 (nominally $16) per hour, exclusive of pension benefits.[8][76]

Norway None; wages normally fall within a national scale negotiated by labor, employers, and local governments.[
https://www.lifeinnorway.net/norway-minimum-wage/

Austria https://www.eurofound.europa.eu/pub...n-eu1500-monthly-minimum-wage-for-all-sectors

998 Brazilian reais per month ($257), paid 13 times a year.[45] The Brazilian minimum wage is adjusted annually by the federal government. Each Brazilian state has its own minimum wage, which cannot be lower than the federal minimum wage.

$257 a month is a high min wage for Brazil??

If collective bargaining and unions work better than a legislated min wage so be it, but those prosperous nations have strong unions and collective bargaining, they don;t rely on some pie in the sky "free market:" to deliver a good result for their workers /citizens

FWIW I believe a jump to $15 an hour for USA is too high

Now take a look at their rate of taxation.

Scandinavian income taxes raise a lot of revenue because they are actually rather flat. In other words, they tax most people at these high rates, not just high-income taxpayers. The top marginal tax rate of 60 percent in Denmark applies to all income over 1.2 times the average income in Denmark. From the American perspective, this means that all income over $60,000 (1.2 times the average income of about $50,000 in the United States) would be taxed at 60 percent.

Sweden and Norway have similarly flat income tax systems. Sweden’s top marginal tax rate of 56.9 percent applies to all income over 1.5 times the average income in Sweden. Norway’s top marginal tax rate of 39 percent applies to all income over 1.6 times the average Norwegian income.

Compare this to The United States. The top marginal tax rate of 46.8 percent (state average and federal combined rates) kicks in at 8.5 times the average U.S. income (around $400,000). Comparatively, few taxpayers in the United States face the top marginal rate.

 

[J Grant]

Now take a look at their rate of taxation.
Scandinavian income taxes raise a lot of revenue because they are actually rather flat. In other words, they tax most people at these high rates, not just high-income taxpayers. The top marginal tax rate of 60 percent in Denmark applies to all income over 1.2 times the average income in Denmark. From the American perspective, this means that all income over $60,000 (1.2 times the average income of about $50,000 in the United States) would be taxed at 60 percent.
Sweden and Norway have similarly flat income tax systems. Sweden’s top marginal tax rate of 56.9 percent applies to all income over 1.5 times the average income in Sweden. Norway’s top marginal tax rate of 39 percent applies to all income over 1.6 times the average Norwegian income.
Compare this to The United States. The top marginal tax rate of 46.8 percent (state average and federal combined rates) kicks in at 8.5 times the average U.S. income (around $400,000). Comparatively, few taxpayers in the United States face the top marginal rate.

It's a societal trade off- their tax rates are higher and kick in at a moderate income level, however the benefits they receive are what only the upper level of income enjoys in the USA which society is better off? There is a world happiness list compiled of research/surveys of citizens and the USA has slipped in last few years to # 18, behind the higher tax but higher benefit countries.

In any event the topic was about min wage, not about taxes, but an interesting side topic,.

 

[J Grant]

"FWIW I believe a jump to $15 an hour for USA is too high."
*************
"The Raise the Wage Act, backed by House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer and several declared or prospective 2020 Democratic presidential candidates, would hike the minimum wage to $15 per hour by 2024 through annual increases."
https://www.cnbc.com/2019/01/16/hou...bill-to-hike-minimum-wage-to-15-per-hour.html

2024 is coming quick, only 5 years away. Though I am a democrat (most of votes), I am not sure I agree with the $15 target. Imo the min wage now is too low, a moderate boost to $9 seems in order but I have not stuided the $15 an hour in detail it seemed like a fantasy, like it would not pass and be more of a negotiating tool.

If the $15 an hour does pass , even the goal of phase in 5 years, it would transform the lower wage landscape far beyond the min wage, which might be bad in some instances but very good in others. Right now there are many people earning above the min wage but still earning less than $15 an hour.

A plethora of people in FL earn $10-$12 an hour, seems a base for semi skilled or lesser skill jobs. Take out taxes and it is a bare subsistence wage; would raising it lift them up into consumers and users of services who pump money back into the economy, or would it raise costs so high it would eat up the difference.? Perhaps a mix of both and the market would sort it out. Not possible to predict the outcome until it happens. Higher wage areas typically have better schools, services, housing and more opportunities, that is fact

As far as eliminating some jobs, not every job is a candidate for automation but there would be some job loss, on he other hand would workers earning more boost local business thus create other jobs?

Employers reducing hours, I'd rather work 30 hours at a higher rate peer hour to make the same money it wold take 40 hours to earn at a lower rate, the free time means a better quality of life and more time to get educated or learn trade skills or work a side gig.

Costs of living would go up but not across the board - owned home mortgages stays the same as well as no change for those living with family or on fixed rent, imported goods do not have their cost tied in to USA labor rates.