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Legacy Time: Minimum Wages And Social Security

The minimum wage legislation was a done deal but had minimal impact for two reasons: (1) many states increased their minimum wages effective January 1st; and (2) a lot of metro markets pay more than the minimum wage just to find employees who can pass the mirror test (fogging the mirror by having the minimal skill of breathing).

Tax increases would be DOA at the federal level unless Bush caves by raising the Social Security cap for taxable income from $90K to $150K. His Treasury Secretary has been floating that idea as part of a bipartisan effort to “save” Social Security. If that happens, BOHICA to entrepreneurs in order to create a presidential legacy.

Might want to encourage your U.S. Senators to filibuster any such legislation so that Bush doesn’t get it to sign…unless you enjoy paying higher taxes with the hope that Uncle Sam will be solvent when you retire to pay you an abysmal rate of return on your investment (taxes).

Mike Young, Esq.

Author Mike Young, Esq.

Mike Young has been practicing business and technology law since 1994 and is an angel investor in startups. He's been an entrepreneur since 1988. To get legal help from Attorney Young, click here now or call 214-546-4247 to schedule a phone consultation.

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