If the minimum wage is raised to $15/hour… will it benefit anyone other than the government treasuries receiving an increase of tax revenue as a result?
As someone who is part of the majority of the country who work for less than that currently, when you consider the fact that all prices will rise obviously… the only opinion that could be written by me is to say, “I think not.”
That being said, if, instead, the basic personal amount on all federal and provincial income tax forms is raised to $31,200 (the equivalent to a year’s salary if someone worked 40 hours/week at $15/hour) who would benefit?
1. Full time employees making up to $15/hour would have more money in their pockets without prices going up, so they would.
2. Businesses would see increased sales revenue as a result, so they would.
3. The government would see increase sales tax revenue that likely would more than make up for reduced income tax revenue as a result, so they would.
4. Those on taxpayer-funded financial assistance programs would find it more beneficial to work at the abundant amount of under $15/hour.
5. As a result of that costs involved in those programs would decrease… saving all taxpayers money.
Add all five things together and the obvious answer to that question is: everyone in Canada would benefit equally from it.
Jerry Hobbs, Sicamous