Executive Summary: Minimum wage laws seem like a good idea, but arbitrarily mandating a certain wage can have terrible consequences. Businesses are not charities, so if the minimum wage is set above the market level, this eliminates job opportunities – particularly for the less fortunate members of society. Since employees and employers should have freedom of contract, the right minimum wage is zero.
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Double Taxed
- Romney: A Total Failure on Double TaxationLast night’s GOP debate did nothing to change my sour opinion of Mitt Romney. During a discussion about tax reform, he attacked Newt Gingrich for the supposed crime of not wanting to double tax capital gains. Here’s how Politico reported the exchange. Newt Gingrich joked about Romney’s 15 percent tax rate, saying: “I’m prepared to […]