Incremental tax penalty proposed for large corporations.
Senator Ron Wyden of Oregon pitched an alternative to raising the minimum wage in a statement released on Friday. “As chair of the Finance Committee, I’ve been working on a ‘plan B’ that would make big companies pay for mistreating their workers. My plan would impose a 5 percent penalty on a big corporations’ total payroll if any workers earn less than a certain amount. That penalty would increase over time.”
The plan also proposes safeguards to ensure companies uphold the motion, as well as income tax credits for small businesses who choose to increase their own employees’ wages. This proposal will likely be sent to the Senate floor sometime in early March.
As the Lord Leads, Pray with Us…
- For wisdom for the Senate as alternate wage increase options are considered.
- For the Senate in their search for agreement on the terms of the COVID relief bill.
- That God would fulfill His purposes through the actions of Congress.
Sources: AP, The Hill
