Fair Minimum Wage Act of 2007

FAIR MINIMUM WAGE ACT OF 2007 -- (Senate - January 25, 2007)

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Mr. GRASSLEY. Mr. President, I am committed to the core package that we have a bipartisan agreement for, but within the committee we have had an understanding that if there is an add-on and if it is revenue neutral, they would be considered. So we are improving this package, the small business portions of it that nobody has any dispute ought to be done. There is some dispute over the offset. I wish to concentrate on that offset. It is fully offset. It comes from a proposal that comes from the Joint Committee on Taxation, not from the Republican side or the Democratic side but a nonpartisan side, that there is an inequity in provisions for payment. For instance, if you work for Principal Financial in Des Moines and they pay for your college, it is going to be taxed, but if you work for a university and you send your kids to college, it is tax free. So Joint Tax sees that as an inequity. We use that as a good offset. It is a good offset. I believe Senator Kyl has worked hard to develop an amendment that will make the small business depreciation much better and more meaningful. I hope Members will support Senator Kyl.

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