There's good news for the 164,000 people in Wisconsin who are currently working for the minimum wage. Our bill would be phased in over two years. We will have to negotiate over the phase-in, but I'm confident that we can come to a quick agreement to send a unified bill to the President for his signature. Whenever we increase the minimum wage, we have to be concerned that some businesses won't be able to pay the higher wage, and will either have to let some employees go, or if they can't do that, will be forced to go out of business altogether.
Small businesses do go bust all the time, so it's a real concern.
So, our minimum wage bill includes tax cuts designed to strengthen small businesses so they will be able to pay higher wages and still turn a profit, and so more potential entrepreneurs will find it worthwhile to take the risks and work the long hours necessary to make small businesses successful. Our bill also includes Family Development Accounts, which are designed to help the working poor to save for lifetime needs allowing tax-free withdrawals for education, housing, health care, or starting a business. According to the President, these are so-called tax cuts for the rich' so he's threatening to veto our bill, minimum wage increase and all. What he means by that is that any bill which isn't exactly the way he wants it is somehow dirty. Some people think the President wants excuses to block a minimum wage increase so he can blame Congress and keep one of his favorite campaign issues alive and useful for his party.