I love and hate the idea of minimum wage. The problem with it is that the profits of a business may or may not translate properly into a standard, flat minimum wage. We already have categories for small and larger businesses, corporations, and megacorporations. Instead of setting a specific minimum wage that may or may not work across industries, BUSINESSES SHOULD HAVE MINIMUM WAGE STANDARDS BASED OFF OF PERCENTAGES OF THEIR TOTAL PROFITS. THE PERCENTAGES OF THE WAGES SHOULD BE PROPORTIONALLY DISTRIBUTED BETWEEN THE OWNERS AND DOWN TO THE EMPLOYEES. This would allow people to benefit from the growth of the business as an employee or an owner. The only cap on how much the employees or the owner could make would be determined by the success of the business. This would keep owners from being able to leave employees in poverty while their businesses thrive. This would also protect small businesses from having to cripple their profits by having to meet a standard wage that may or may not work for their industry. Many megacorporations continue to hit record profits and none of that gets dispersed to the employees. IF THERE IS A MINIMUM WAGE INCREASE, THE COST JUST GETS BAKED INTO THE GOODS AND THE COST IS PASSED ONTO THE CONSUMER. THIS RULE WOULD ENSURE THAT THIS CAN NOT OCCUR. THE TOP EARNERS COULD NOT ADD TO THEIR OWN COMPENSATION WITHOUT ALSO ADDING TO THE COMPENSATION OF ALL OF THE EMPLOYEES. THE ONLY WAY TO INCREASE COMPENSATION WOULD BE TO INCREASE COMPANY PROFITS. ACROSS ALL INDUSTRIES, EVEN IF THEY ALL UNFAIRLY JACKED UP PRICES TO INCREASE PROFITS, WITH THIS RULE ALL WAGES WOULD RISE WITH IT. THIS WOULD KEEP GOODS IN A MORE AFFORDABLE RANGE FOR ALL. I am unsure exactly how the proportionate percentage of earnings for small businesses to megacorporations should be dispersed between the owners down to the employees, allowing for profits to also be saved for business expansion and rainy day funds, but I am hoping better educated individuals can take this proposal and run with it.
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As a small business owner, this actually makes a lot of sense, for the owner and the employees.
I would add:
Since in the beginning years, there rarely is any profit, you would have to pay more than you make or you will have no employees! Therefore as you pay yourself back when the business does start making money, that would not be counted as profit.
Depending on the business this would also have to apply during a recession, if there is little or no profit (or times of the high inflation we have recently seen).