An analysis on bill H.R.5970, based on a USA Today article, "Senate Rejects GOP Estate Tax, Minimum Wage Bill."
Written in 2007; 958 words; 1 sources; MLA; $ 34.95
Paper Summary:
The paper discusses how the Senate recently voted down a bill that would have raised minimum wage but would have also lowered estate taxes. The paper examines how, by linking two oppositional tax-related issues, the bill, H.R.5970, polarized the Senate along party lines. The paper explores how an estate tax cut favors the wealthiest Americans who own multi-million dollar estates, whereas the minimum wage hike would directly affect the working poor. The paper concludes that most of the Senate's Republicans favored the bill because of the estate tax cut implications, whereas most Democrats would have favored the bill only if it focused exclusively on raising the minimum wage.
From the Paper:
"Democrats oppose an estate tax cut in part for the same reasons they favor a minimum wage increase. Estate tax revenues can potentially be huge: capital gains taxes currently run about 15%. Yet only the wealthiest Americans benefit from estate tax cuts and Americans who would qualify are in the vast minority. The vast majority of Americans, on the other hand, might benefit from an increase in minimum wages. Only the tiniest percentage of Americans own multi-million dollar estates while a substantial portion of Americans earn close to the minimum wage."
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