Melvin Watt: “I want to go back to this point about whether this is, in fact, a minimum wage bill or is it a doing away with the…”

“I want to go back to this point about whether this is, in fact, a minimum wage bill or is it a doing away with the minimum wage bill? Because at the end of the day all of my colleagues need to understand this: There are 75 percent of the businesses in this country which have gross incomes of less than $500,000 a year. Those businesses employ over 10 million people, and for those people, this bill would do away with the minimum wage, do away with overtime. No such thing as overtime pay for those anymore. So, I hope the gentleman who was up here talking about this as a minimum wage bill will understand that for those 10 million people this is not a minimum wage bill; this is a bill that does away with the minimum wage, does away with any payment for them for even overtime work that they do.”