House approves business tax breaks

On Friday, the House approved of business tax breaks that are worth $1.8 billion, in hopes of forging a congressional compromise on the increasing minimum wage. The rise in minimum wage now depends on how and when the House and the Senate strike a compromise between their two tax packages. The Senate's tax package is worth $8.3 billion and is much bigger than the one passed by the House and would include extending tax credits and write-offs, as well as providing new tax preferences to some companies. The Senate's package would also eliminate tax shelters and provide new taxes on lawsuit settlements and deferred compensation packages for higher paid executives. If the House's tax package is selected, it would offer small businesses an extension in some tax write-offs that are going to expire, and it would allow them to continue to receive a tax credit for hiring disadvantaged workers. Also this bill would ensure that restaurants are not negatively impacted for deducting Social Security taxes on tips above the minimum wage. The House tax package would also increase the amount of money the government gained because it would ensure that wealthy taxpayers would not be able to shift income to their children and avoid paying higher taxes. I personally agree that if we raise minimum wage, which on the first place i don't know if I agree with raising the minimum raise, but I do believe that if we do raise it then we must give the businesses something to balance things out, otherwise, the price of items will go way out of proportion instead of just being a little higher then normal.