WASHINGTON (AP) -- Republican leaders are willing to allow the first minimum wage increase in a decade but only if it's coupled with a cut in future inheritance taxes on multimillion-dollar estates, congressional aides said Friday.
"It's political blackmail to say the only way that minimum wage workers can get a raise is to give a tax giveaway to the wealthiest Americans," said Sen. Edward Kennedy, D-Massachusetts.
A person working 40 hours per week at minimum wage makes $10,700, which is below the poverty line for workers with families. Inflation has eroded the minimum wage's buying power to the lowest level in about 50 years. Yet lawmakers have won cost-of-living wage increases totaling about $35,000 for themselves over that time.
...[T]he Senate GOP aide professed confidence the bill could advance through the chamber next week [saying], "It's the one chance for Democrats who want to get a minimum wage increase."
It'll be interesting to see how this all plays out. The GOP is known for their spin doctors, and for hating "liberals"... not that we don't hate them right back... but this development could go in a thousand different directions, with many repercussions for those involved.
If I ever posses a multi-million dollar estate, I hope someone taxes the shirt right off my back.