This episode of What’s Ahead points out that President Biden’s proposal for a national $15 minimum wage would kill millions of jobs, especially in beleaguered small businesses. Past experience shows that part-time workers and those without high school diplomas would be hurt the most.
There is an infinitely better approach that wouldn’t destroy jobs and businesses: Expand the Earned Income Tax Credit, which can be used by low- to moderate-income families to reduce the taxes they owe—and in some cases increase their tax refunds.
The program hasn’t been well-managed in the past, making it a target for fraudulent claims. But these shortcomings can be addressed while boosting benefits.
And talking about payroll taxes, the Biden White House should dust off the Trump Administration’s idea of suspending that levy for six months to a year, which would simultaneously aid both employers and employees.
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers,
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Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy.
Steve helped create the recently released and highly acclaimed public television documentary, In Money We Trust?, which was produced under the auspices of Maryland Public television. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It.
Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional).
Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.