Christopher Shays: “the time is past due for a raise in the Federal minimum wage, which as last increased 10 years ago. Today, workers…”

“the time is past due for a raise in the Federal minimum wage, which as last increased 10 years ago. Today, workers making the least should be heartened that this legislation will raise their wages 41 percent to $7.25 per hour over the next 3 years. Some argue that raising the minimum wage increases unemployment and prices. This is true only if the minimum wage is set too high or phased in too quickly. If done properly, there should be little to no impact on employment or prices. I am also pleased we are lowering the estate tax, but adopting a far more rational approach than full repeal. Under this legislation, small business owners will be able to know their businesses can be left with their families when they pass on because of a significantly reduced tax rate. Wealthy individuals would still pay something, between 15 and 30 percent on their estates, but not the 46 percent in existing law. Because estate and gift taxes has a harmful impact on small businesses--many of which are forced to liquidate assets simply to pay estate taxes which fluctuates in crazy fashion, from 46 percent this year, to 0 percent in 2010 and way back up to 55 percent 2011--we must intervene and provide relief. This bill will protect families and business while still making sure the very wealthy are paying back something to society.”