Your Taxes go up today

The Federal Minimum Wage goes up today

The U.S. minimum wage will go up today to $7.25, from $6.55 per hour,. Most states have their own minimum wage, and employers are required to pay whichever is higher. That means minimum wage workers will get a raise in 29 states. In the remaining 21 states and Washington, D.C., they'll see no change.

In some states, the increase will be more modest. In New York, the state minimum wage is $7.15 an hour, so workers there will be paid an extra dime an hour, which means another $4 for a 40-hour week. But in states like Georgia, Virginia and Texas, workers are paid the current federal minimum of $6.55, so they'll get the largest raise of 70 cents, which translates into a $28 bump for a full-time week, or more than $1,400 a year.

So just let me put this in perspective, the least educated among us will get a bump of $28 a week in their purchasing power while the rest of us take a $28 a week reduction in our own purchasing power. Make no mistake, the Employers who are required to pay this added increase in parole will not take the hit. Business as a whole will simply raise the prices on goods and services to cover their added expense. What this translates to is no actual increase at all to the “minimum wage” earner and a defacto tax to the rest of us. Let me say this in a simpler way for all the “minimum wage” earners who might be reading this. The Government makes money by taxing the amount you earn on your paycheck. The more you make, the more they make. Your paycheck is now bigger, they get more money. Business raised all the prices to cover the cost of paying you more, so you really can’t buy anymore stuff than you could before and the rest of us who didn’t get a “increase” are left paying higher prices. The only one that gets anything out of this deal is the Government.

So go on all you earners of the “Federal Minimum” kick up your heels and rejoice, you just got a raise!!! Your probably to stupid to understand that all of us just got a tax increase.