Minimum Wage Going Up Across Canada Next Week

[gothicdream 39,660]

1 hour ago, LoliLux said:

Minimum wage alone is meaningless if we do not consider how much taxes need to be paid for the government afterwards. Because what matters is what people have in the end left.

Florida has a relatively low minimum wage but it is also among the Top 3 of least-taxed states in the US ( https://taxadmin.memberclicks.net/2022-state-tax-revenue ) and if Florida were a country, it would rank among the countries with the lowest taxes in the developped world.

So, if you are for example in Belgium or Germany where taxes are around 50% ( The OECD calculated each country’s tax wedge - the gap between what employers take home in pay and what it costs to employ them, including personal income tax and social security contributions. Germany had a tax wedge for single, childless workers of 49.4 percent, behind Belgium at 54 percent. That means nearly half of a single person’s income goes towards taxes and social security contributions in Germany.), this must be reduced from your wage in the end.

https://www.thelocal.de/20170411/germany-has-second-biggest-tax-burden-worldwide-report-shows

So if you are in Belgium and have to pay 54% of your minimum wage of 10€ per hour, it is less than 5€ in the end. (the 54% apply for the median, lower income may be taxed differently)

In Germany it is 6€ in the end after being exploited by state governments 49% money stealing. (the 54% apply for the median, lower income may be taxed differently)

They are worse than Florida.

 

There are higher taxes in Canada than in Florida and more highly qualified people migrate form Canada to Florida than from Florida to Canada in %.

Florida is working-wise superior to many other states and countries and attracts many people because it has a lucrative system.

Or to be clearer, speaking in economic terms:

Florida is shîtty if you don't have a job b/c then u are poor and no help and so. But if you have a job in Florida, you are in regular cases better off than Europe (excluding Switzerland) and Canada, and richer.

Switzerland >>>> Florida >>> rest of US (except for two other states)  & Canada >>> Europe (though USAs worst states surely are worse than average Europe). (Solely judging in economic terms, when we take in other variables things become too complex)

______

To Canada: Well, we shouldn't forget there is inflation and so, energy prices sky-rocketing. The minimum wage going up is more a reaction to increased prices. People in the end won't have more money effectively left, it just serves to catch up to balancing inflation.

You're leaving out a really important point when comparing the US with Europe, which is healthcare costs.

Someone making minimum wage in Florida almost certainly does not have health insurance provided by their employer, whereas healthcare costs are subsidized by the extra taxes paid in Europe.

So the take-home pay may be higher, but you're just one accident or severe illness away from bankruptcy.

[Economy 52,901]

4 hours ago, Healed My Heart said:

You're leaving out a really important point when comparing the US with Europe, which is healthcare costs.

Someone making minimum wage in Florida almost certainly does not have health insurance provided by their employer, whereas healthcare costs are subsidized by the extra taxes paid in Europe.

So the take-home pay may be higher, but you're just one accident or severe illness away from bankruptcy.

@LoliLux is also failing to take into account that the very low income pay very little in taxes anyway so this is barely a factor in the equation. The amount (relative to cost of living) still matters more than taxes

[bornthisway135 722]

On 9/24/2023 at 5:57 PM, Pablo said:

And the federal minimum wage of $7.25 

Yeah I live in Utah and our state is growing at such a rapid pace that $7.25 can’t even get you a studio apartment. I luckily work at a restaurant and my apartment is $1700 a month. I can’t even fathom being able to afford that on the fed minimum wage. Utahs minimum is 7.25… but I’m a waiter so I get paid $2.13 an hour 💀