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Minimum Wage Study - Tax Credits

 
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PostPosted: Tue Dec 09, 2014 12:08 am    Post subject: Minimum Wage Study - Tax Credits Reply with quote

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http://econweb.ucsd.edu/~mwither/pdfs/Effects%20of%20Min%20Wage%20on%20Wages%20Employment%20and%20Earnings.pdf

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PeakTrader:

I think, raising the minimum wage to $15 an hour and eliminating tax credits would promote work.

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Cost of Improper Earned-Income Tax Credits: $10 Billion
WSJ
Oct 22, 2013

“The payments paid out improperly for 2012 were at least 21-25% of all payments, according to the latest report from the IRS inspector general.

The report estimated that improper payments totaled between $11.6 billion and $13.6 billion for 2012, out of total EITC claims of $55.4 billion.”

http://blogs.wsj.com/washwire/2013/10/22/cost-of-improper-earned-income-tax-credits-10-billion/

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“Over the late 2000s, the average effective minimum wage rose by 30 percent across the United States. We estimate that these minimum wage increases reduced the national employment-to-population ratio by 0.7 percentage point.”

I wonder what effect it had on productivity and GDP?

There are other factors that can raise employment.

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Many studies showed raising the minimum wage had modest effects on employment.

http://www.raisetheminimumwage.com/pages/job-loss

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When there’s a shift from quantity to quality, quantity falls.

Then, there’s more quantity available to expand the economy.

I suspect, states with lower minimum wages have more businesses that are less productive and can’t compete, unless wages are low.

If the minimum wage rises in those states, there’s greater unemployment and fewer hours worked.

However, productivity rises, as some of those laid-off workers are absorbed by more productive firms.

And, the opportunity cost of extended and overextended unemployment benefits, in a recession/depression, isn’t worth a “cheap” job, even when it becomes less cheap.

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http://finance.yahoo.com/news/ig-irs-paid-6-billion-164852540.html

IG: IRS paid $6 billion in bogus child tax credits

More than 36 million families claimed about $57 billion in child tax credits in 2013, according to the nonpartisan Joint Committee on Taxation.

The inspector general's report estimates that taxpayers improperly claimed between $5.9 billion and $7.1 billion in child tax credits that year. The report, however, does distinguish between fraud and credits that were claimed by mistake.

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