October 16, 2020 - 9:00 pm
Updated October 16, 2020 - 10:53 pm
Joe Biden says that he won’t raise taxes on working families, but he plans to increase the minimum wage to $15 an hour and raise corporate taxes. Both of these will, in effect, make the working class pay more.
With higher wages, businesses have to raise prices to cover the additional salary increases, and corporations never absorb costs but pass them on to the consumer. In addition, any money saved over the years by seniors and others will be diluted because of price increases.
In these times of the pandemic I wonder how many businesses, large and small, will be able to afford the additional expense to them and stay in business? Sounds like the increase will put more people out of work.
Bad timing, Joe.