President Barack Obama supports increase in federal minimum wage
President Barack Obama endorses a bill that would raise the federal minimum wage to at least $10 per hour. On Nov. 6, a White House official said President Obama supports the Harkin-Miller bill, or the Fair Minimum Wage Act, which would raise the federal minimum wage to $10.10 an hour from the current $7.25.
The measure, which would raise the minimum wage by increments of 95 cents over two years, is sponsored by Senate Democrat Tom Harkin of Iowa, and House Democrat George Miller of California, according to The New York Times.
The hourly increase would help many underpaid workers out of poverty, proponents say. Economists are ambivalent, voicing concerns that increasing minimum wage will cause businesses to cut employment.
To handle the new minimum wage, small businesses - often opponents of increasing hourly pay rates - may be offered some tax cuts.
An expensing provision helped Democratic senators from more conservative states to back the $10.10 proposal. Under the provision, small businesses will be able to deduct the cost of investment in equipment and expansions in amounts up to $500,000 in the first year.
If the federal minimum wage does increase, workplaces will need to compensate employee time accordingly. Web attendance software can keep records of employee hours.
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