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Democracy is for people amendment
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<blockquote data-quote="1989" data-source="post: 3446862" data-attributes="member: 10280"><p>If they are working:</p><p></p><p>In my mind, the country’s economic policies should have two main objectives. First, we should wish, in our rich society, for every person who is willing to work to receive income that will provide him or her a decent lifestyle. Second, any plan to do that should not distort our market system, the key element required for growth and prosperity.</p><p></p><p>That second goal crumbles in the face of any plan to sizably increase the minimum wage. I may wish to have all jobs pay at least $15 an hour. But that minimum would almost certainly reduce employment in a major way, crushing many workers possessing only basic skills. Smaller increases, though obviously welcome, will still leave many hardworking Americans mired in poverty.</p><p></p><p><strong>The Earned Income Tax Credit </strong></p><p></p><p>Buffett instead has promoted what he sees as a better answer: an expansion of the Earned Income Tax Credit (EITC), which currently goes to millions of low-income workers. </p><p></p><p>“Payments to eligible workers diminish as their earnings increase," he explained. "But there is no disincentive effect: A gain in wages always produces a gain in overall income. The process is simple: You file a tax return, and the government sends you a check."</p><p></p><p>For Buffett, the EITC is a better solution because it's about more than just money.</p><p></p><p>"In essence, the EITC rewards work and provides an incentive for workers to improve their skills," he continued. "Equally important, it does not distort market forces, thereby maximizing employment.” </p><p></p><p>Buffett added that the plan needs improvement, including reducing fraud, shifting payments to monthly installments from annual, and increasing dollar amounts for those earning the least.</p></blockquote><p></p>
[QUOTE="1989, post: 3446862, member: 10280"] If they are working: In my mind, the country’s economic policies should have two main objectives. First, we should wish, in our rich society, for every person who is willing to work to receive income that will provide him or her a decent lifestyle. Second, any plan to do that should not distort our market system, the key element required for growth and prosperity. That second goal crumbles in the face of any plan to sizably increase the minimum wage. I may wish to have all jobs pay at least $15 an hour. But that minimum would almost certainly reduce employment in a major way, crushing many workers possessing only basic skills. Smaller increases, though obviously welcome, will still leave many hardworking Americans mired in poverty. [B]The Earned Income Tax Credit [/B] Buffett instead has promoted what he sees as a better answer: an expansion of the Earned Income Tax Credit (EITC), which currently goes to millions of low-income workers. “Payments to eligible workers diminish as their earnings increase," he explained. "But there is no disincentive effect: A gain in wages always produces a gain in overall income. The process is simple: You file a tax return, and the government sends you a check." For Buffett, the EITC is a better solution because it's about more than just money. "In essence, the EITC rewards work and provides an incentive for workers to improve their skills," he continued. "Equally important, it does not distort market forces, thereby maximizing employment.” Buffett added that the plan needs improvement, including reducing fraud, shifting payments to monthly installments from annual, and increasing dollar amounts for those earning the least. [/QUOTE]
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