More training, education needed
Assuming you could find a person, single, working full time at $7.25 per hour without dependents, standard deduction only, their annual income would be $15,080 with a federal income tax obligation of $268 and a net income of $14,812.
Raise the minimum wage to $15 per hour, again, without dependents, standard deduction only and their annual income would be $31,200 with a federal income tax obligation of $2,058 and a net income of $29,142. That is a 768 percent increase in taxes owed on a 196 percent increase in net income.
Additionally, Federal OMB estimates presently that only 2.3 percent of those paid by the hour earn the minimum wage and that less than 1 percent of full time workers earn less than $15. However, two-thirds of the full time workers would lose full time employment status or lose their jobs entirely. The ranks of the unemployed would increase, cost of living would increase and, eventually, the poverty rate would inevitably be raised because of both. Doors will be closed to uncountable young people eager to enter the marketplace who want to learn the skills and gain the experiences afforded by having their first job.
Wouldn’t it make more sense and be a better, more permanent solution to assist with the training and education creating a skill set whereby the individual could command a higher wage? Just a thought.