Tuesday, December 9, 2014
10 Nations With the Highest Minimum Wage…and What They Pay For It | Liberal Logic 101
Liberals keep tossing numbers at us about other countries that have higher minimum wage than the US, but they often omit important factors like, cost of living, tax rates and the resources available in that nation. So here are a list of the nations with the highest minimum wage, why it’s high and how much it actually costs the people of that country to maintain it.
Australia—$20.00 in International Currency*
Australia’s minimum wage is graduated based on age, from $6.21AUS for 16 year olds to $16.48AUS for 20 years old and up. While almost half of working Americans pay no taxes, Australia’s income tax begins at 15% for anyone making just $6,000AUS and leaps to 30% for those making $35,000AUS and goes up from there. And then there’s the 10% national sales tax. So while lower income Americans are wailing for a minimum wage hike, it’s doubtful they would want it at the cost of actually paying taxes, too.
United Kingdom—$22.00 in International Currency
All Brits making the equivalent of about $59,000 or less pay a 20% tax rate. The top tax bracket pays 50%. The national sales tax is 18%. The minimum wage for under 16 and 17 year-olds is just $5.90US. By the time they are 21, it maxes at $10.19US, so after the taxes that American minimum wage earners don’t pay, it’s just $6.68US.
Luxembourg—$19.00 in International Currency
Luxemburg, like Switzerland has enjoyed a thriving economy by hiding the wealth of the world’s richest people from being taxed in the nations those wealthy people live in. They used that excess wealth to invest in industries like iron, steel, aluminum. In other words the kind of industries Liberals like to hamstring with massive government regulation. You can see why Liberals tend to skip over Luxembourg when spouting examples of countries with a higher minimum wage than the US, in spite of the fact that Luxembourg has a 40% income tax.
Netherlands—$19.00 in International Currency
Every Dutch citizen who makes the equivalent of $41,000 a year (€32,738) pays a 41% income tax. It jumps to 52% for everyone making $68,000 or more. And then there’s the 21% national sales tax. Oh, and their minimum wage is graduated as well as based on a day, rather than an hour. 16 years old must make at least €20.70 (about $26) a day, regardless how many hour that may come to. It graduates up to a whopping €69.01 ($86.53) a day for 23 year-olds and up.
Belgium—$18.00 in International Currency.
Belgium’s minimum wage is also graduated, starting at €6.26 for 16 year old and increasing to €8.94 for anyone 21 and older. Belgium also has a tax rate of 24% starting at the very first penny you earn, and graduating to 50% for anyone making €34,330 and up. And of course, there’s the 21% national sales tax on top of that. That means the typical Belgian family actually gets to keep only 26 cents out of every “dollar” they earn. So their real minimum wage is €2.32 and hour or just $2.90 American.
Read the rest here:
10 Nations With the Highest Minimum Wage…and What They Pay For It | Liberal Logic 101
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