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For Immediate Release
July 29, 2006 |
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Shays Applauds House Vote
to Increase Minimum Wage
Washington, D.C. – Congressman Christopher Shays (R-CT),
a consistent leading advocate for increasing the minimum wage,
today hailed the vote by the House of Representatives to bring
the minimum wage from $5.15 to $7.25 within three years. Shays
has helped lead a coalition of moderate Republicans to win
a vote on increasing the minimum wage.
The wage increase was included in H.R. 5970, the Estate Tax
and Extension of Tax Relief Act, which also includes permanent
estate tax relief and extension of key tax credits. The House
passed the bill early this morning by a vote of 230-180.
“Today we took an important step forward in ensuring
that hard-working Americans can support their families better
and I am grateful the moderates’ were able to secure
this vote. With this bill, minimum wage workers’ pay
will increase 41 percent to $7.25 per hour over the next three
years,” Shays said. “Economic research has shown
that an incremental increase in the minimum wage -- like the
one passed by Congress in 1996 and passed the House today
-- is the best way to ensure there is little to no impact
on employment or prices.”
On July 13, Shays and a group of 25 moderates wrote to leadership
requesting a vote. A group of 50 Republicans reiterated the
request in a
follow-up letter this week.
Shays is an original cosponsor of H.R.5787, the Minimum Wage
Competitiveness Act, which will increase the minimum wage
to $6.00 an hour 60 days after enactment; $6.75 an hour six
months after that 60th day; and $7.15 an hour one year after
that 60th day the bill is signed into law.
Shays is also a cosponsor of:
- H.R. 1091, which increases the minimum wage to $5.50 an
hour beginning October 1, 2006, $6.00 an hour beginning
October 1, 2007, and $6.50 an hour beginning October 1,
2008; and phase in an increase in the gross volume of sales
amount applicable to the small business exemption from minimum
wage requirements; and
- H .R. 2429, the Fair Minimum Wage Act, which increases
the federal minimum wage to $5.85 an hour, beginning on
the 60th day after enactment; $6.55 an hour, beginning 12
months after that 60th day; and $7.25 an hour, beginning
24 months after that 60th day. He has signed H.Res.614 to
discharge this bill.
H.R. 5970 will also provide estate and gift tax relief.
“Under this legislation, small business owners can
be confident their businesses will pass on to their families.
Wealthy individuals would still pay between 15 and 30 percent
on their estates,” Shays said. “We need to provide
relief. Wild swings in the estate and gift taxes have a disastrous
impact on small businesses, many of which are forced to liquidate
assets simply to pay estate taxes.”
Under current law, estate taxes would fluctuate from 46 percent
this year, to 0 percent in 2010 and back up to 55 percent
2011. This bill will stabilize the estate tax rate.
It also provides a two-year extension of:
- The above-the-line deduction for higher education expenses;
- Research and development tax credit to help keep American
businesses competitive in the 21st century marketplace;
- The above-the-line deduction for teacher classroom expenses;
- Brownfields expensing for costs incurred cleaning up contaminated
sites; and
- 5 year depreciation for restaurant improvements.
Click
here for a detailed summary of the bill.
Contact: Sarah Moore, 202/225-5541
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