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Contributing Writer Assuming you could find a person, single, working full time at $7.25 per hour without dependents, standard deduction only, their annual income would be $15,080 with a federal income tax obligation of $268 and a net income of $14,812. Raise the minimum wage to $15 per hour, again, without dependents, standard deduction only and their annual income would be $31,200 with a federal income tax obligation of $2,058 and a net income of $29,142. That is a 768 percent increase in ta...
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