Fact check: Meme uses misleading calculations on $15 minimum wage claim
Proponents of increasing the federal hourly minimum wage to $15 continue to push the measure in Congress. The proposed increase has split lawmakers along party lines.
Some critics online are promoting false claims that the increase would subject all full-time employees to a 52% income tax.
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FactCheck.org debunked claims that Biden had raised top income and payroll taxes from 37% to 52% on Feb. 2. FactCheck.org quoted Garrett Watson, a senior policy analyst with right-center-leaning think tank Tax Foundation.
The 52% number for income and payroll tax is adding together the 39.6% rate above $400K and the proposed 12.4% Social Security payroll tax on income above $400K, he said. This would be the case for both employees and self-employed individuals, but it would be a top rate meaning income above the $400,000 not an effective rate on all income.
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https://www.msn.com/en-us/news/politics/fact-check-meme-uses-misleading-calculations-on-15-minimum-wage-claim/ar-BB1ehFDZ?li=BBnbcA1&ocid=hplocalnews