Ok, for this exercise, I am going to be President SJ. Now, the federal minimum wage is $7.25. A full time salary with that rate for the 8 hour day is $64, for the week $320, for the month (4 weeks) $1280, for the quarter (3 month period) $3840.
Let us take a small business that makes $50,000 per year. The tax bracket would be 15%. $50,000 / 12 months = $4167 rounded off.
$4167 times a quarter of a year 3 months is $12,501. Fifteen percent of $12,501 rounded off is $1875 and that's what the tax is for that year give or take some pennies cause it is rounded off.
Uh oh. We got a situation here. I'm gonna reduce the minimum wage to $5/hr. For a five hour a day part time job, that's $25/day, for a week it's $125, for a month it's $500. For three months it's $1,500.
These workers won't be going to Vegas but they won't starve; and all this without having to rely on Uncle Sam.
$1,875 of the tax paid for the bracket minus $1,500 the cost of the job for the quarter = $375 left to paid in taxes. The new tax rate for the bracket is 2.9997600191984643%
Next thing I'm gonna do is kick out all the illegal aliens. Bam! I just created millions of more jobs for American citizens. Like magic.
And the next thing after that is I'm gonna create more zoning for industry. Even more jobs have thus been created.
Imagine President SJ doing something like this for the rest of the tax brackets, and I've created more jobs than Obama, and I didn't even graduate from Harvard.