Latest Minimum Wage Plan Dropped By Senate Democrats
March 1, 2021—Senate Democrats have abandoned plans to help raise the federal minimum wage through a corporate tax penalty, CNBC reported.
The plan, which would’ve punished large corporations that failed to pay employees $15 an hour and provided incentives to the smallest of small businesses to raise their wages, was dropped amid concerns that it could delay the passage of the $1.9 trillion coronavirus relief bill.
Lawmakers were considering a variety of penalties, including a 5 percent levy on a big corporation’s total payroll if any workers earned less than $15 per hour.
With pressure to get the final bill to President Biden by March 14, when unemployment aid programs are set to expire, an increase to the federal minimum wage is likely to be addressed and contended in future legislation, according to the report.