Senior Democrats explore tax largely hitting Fortune 1000 companies not paying $15 an hour msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Senior Democrats explore tax largely hitting Fortune 1000 companies not paying $15 an hour
Jeff Stein and Erica Werner, The Washington Post
Feb. 27, 2021
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The U.S. Capitol is seen in Washington, D.C., on Feb. 26, 2021.Washington Post photo by Salwan Georges.
WASHINGTON - Senior Democratic lawmakers trying to find a backup plan to a minimum-wage increase are exploring new tax penalties on firms with more than $2.5 billion in gross receipts that do not pay at least $15 an hour, according to two people familiar with the matter.
The measure, which aides cautioned was still under discussion and subject to change, would aim to levy a 5% annual tax on these large corporations if they pay below $15 an hour, according to the two people, who spoke on the condition of anonymity to share details of private deliberations. Democrats might aim to ratchet up the 5% penalty over time for large firms that do not increase their wages, although that measure is also preliminary
Joseph Duffey, the quiet West Virginia native whose 1970 U.S. Senate run launched the careers of politicians from Bill Clinton to Larry Kudlow, died Thursday. He was 88.
WASHINGTON - Senior Democratic lawmakers trying to find a backup plan to a minimum wage hike are exploring new tax penalties on firms with more than $2.5 billion in gross receipts that do not pay at least $15 an hour, according to two people familiar with the matter.