Why does Nancy Pelosi want these immigrants to come here?
We all know it's an invasion. No other way to say it.
But lets figure out what that minimum wages trick is.
What's the difference between $5.75 per hour and $15.00 per hour?
Most people would say that's simple, $15.00 minus $5.75 equals $9.25, so you think you just got a $9.25 per hour raise. Great isn't it? But hold on a minute because now you have to figure out what your actual take-home pay will be under each of these two minimum wage scales.
First off there's the FICA withholding tax. That's the amount of money the Federal Government withholds from your paycheck ever week to pay your Social Security tax.
Right now that figure is 7.65%, Half of that is taken from you the employee and the other half is paid by your employer. That's 15.3% together.,
So let's say you're working for minimum wage, $5.75 per hour. That's 5.75 times 0.0765.
So if you're working for $5.75 minimum wage your actual take home pay is $4.67 per hour.
And the Federal Government gets $1.08 per hour of YOUR labor.
Now lets figure out what the differences are if they raise the minimum wage to $15.00 per hour.
Don't forget that if/when the Democrats get into power that will also raise the income tax rates from 12% to 70%. And my calculations here assume the FICA withholding rates stays the same, which we know it will not.
Your new take home pay after FICA and income tax withholdings is $4.16 per hour.
And the amount paid to the Federal Government is now $11.19.
You didn't get a raise - The Federal Government did.
Now anybody can tell that I'm not a financial genius by the way I've done this but you don't have to be to see who is really getting the money. It's the Federal Government, not you.
Now guess who is really getting slammed through all this,,,,,, It your Employer.
Instead of paying the Federal Government $1.46 he now has to pay $11.19 per hour for your labor.
Those figures are based on the minimum wages but these same kind of calculations also reflect all the way up through the income levels, up to $200,000 per year.
These figures and calculations only deal with Federal FICA and income tax rates but the same thing happens in states that also have a State income tax. You can carry those calculations a lot further especially into those from the IRS income taxes, but I'm pretty sure you can get the general idea of what is really going on here.
And THAT is why Nancy Pelosi and all the Democrats want to raise the minimum wage to $15.00 per hour.
The way the Federal Government spends money there is no way they could ever possibly balance the budget. They NEED the workers to pay more, and the more workers they have the more money they will collect, (and SPEND). Can you see a Federal pay raise coming here?
FaceBook wont let me post those spreadsheets inside the text where they belong so you will just have to try to figure them out yourself.
At $5.75 per hour and 12% tax rate your take home pay is $4.67.
But at $15.00 per hour with a 70% tax rate your take home pay is only $4.16 per hour. The only ones that got a pay raise was Nancy Pelosi and the Democrats.