Minimum Wage and The Estate Tax: Who Benefits?
by Craig Jennings, 7/31/2006
Joel Friedman and Aviva Aron-Dine at the Center on Budget and Policy Priorities have put together a great article comparing the benefits of a minimum wage hike and a reduction of the estate tax.
[The Economic Policy Institute] estimates that the average yearly wage increase for the 6.6 million workers who would benefit directly from the minimum wage change would total about $1,200.
[...]
The Tax Policy Center estimates that in 2011 an estate tax with a $10 million per couple exemption ($5 million per individual) and with tax rates of 15 percent and 30 percent - similar to the proposal under consideration in the House - would yield an average tax cut of $1.4 million for the 8,200 beneficiaries
The chart, though, by bringing it all together really drives it home.
