Summary
Just when you thought it was safe to go back into calm tax waters, along comes another wave of proposed tax legislation. The new tax proposals are part of the Fair Minimum Wage Act of 2007 that would increase the minimum wage from $5.15 to $7.25 per hour.
Congress has overwhelmingly passed proposed tax legislation in both the House and the Senate primarily aimed at benefiting small business as part of a minimum wage bill. The problem is that the House and Senate versions are significantly different and will need to be reconciled in joint committee meetings.See the full content of this document
Extract
The Fair Minimum Wage Act
The more generous Senate version, projected to cost $8.3 billion, provides for:
Extending the immediate expensing deduction for s...See the full content of this document
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