Boozman Co-Sponsors Minimum Wage Bill

Boozman Co-Sponsors Minimum Wage Bill

U.S. Representative John Boozman (R-AR) announced today he will be an original co-sponsor of a yet-to-be numbered Republican minimum wage bill which will increase the wages of workers, end a federal surtax on wages, and protect small businesses.

The bill is co-sponsored by Rep. Howard McKeon of California, ranking member of the Committee on Education and Labor, and Rep. Jim McCrery (R-LA).

"The House Republican bill will raise worker's wages while softening the financial impact on small businesses who hire the majority of minimum wage workers," Boozman said. "As a former small business owner myself, I recognize the importance of small businesses and their impact on our communities."

The GOP legislation will encourage more investment by small business by extending deductions for depreciable assets through 2010. Additionally the bill will let new restaurant owners recover costs faster by cutting the depreciation time by over half.

The bill also eliminates an unnecessary 0.2% Federal surtax which provides funds to a long-expired emergency benefits program.

"Eliminating the tax will give employers an additional $1 billion which they can use to pay for higher wages," Boozman said. "Eliminating the tax will help stimulate job creation and increase overall wages."

The Republican bill is an answer to this week's scheduled closed vote on raising the minimum wage. The Democrats, who promised to include the GOP in crafting legislation, chose to move forward on raising the minimum wage without any debate or amendment. The Congressional Budget Office (CBO) estimates a minimum wage increase without consideration for small business and their workers would impose a $5-$7 billion unfunded mandate.

http://www.boozman.house.gov/News/DocumentSingle.aspx?DocumentID=55103