A pair of progressive Democrats unveiled a bill on Tuesday that would raise the federal minimum wage to $25 per hour, considered the bare minimum a single adult needs to meet the cost of living in much of the US.
The Living Wage For All Act is the first bill to be introduced by the newly sworn-in Rep. Analilia Mejía (D-NJ), who won a special election earlier this month after helping to lead the fight for a $15 minimum wage in her home state of New Jersey.
A question to add on to yours is: If inflation is defined (simplistically) as too much money in the system chasing too few products, then wouldn’t taking money out of the system via taxes have a rate limiting effect on inflation?
Being that if minimum wage increases would an increase on taxes for wealthy citizens slightly offset this increase?