U.S. Senator Ken Salazar

Member: Finance, Agriculture, Energy, Ethics and Aging Committees

 

2300 15th Street, Suite 450 Denver, CO 80202 | 702 Hart Senate Building, Washington, D.C. 20510

 

 

For Immediate Release

January 24, 2007

CONTACT:    Cody Wertz – Comm. Director
303-455-5999
Drew Nannis – Press Secretary
202-224-5852


  Sen. Salazar: “It is time to give American workers & the businesses that hire them a raise”

WASHINGTON, D.C. – United States Senator Ken Salazar, today on the floor of the United States Senate, spoke about the necessity to raise the federal minimum wage. The Fair Minimum Wage Act of 2007 would raise the federal minimum wage from $5.15 an hour to $7.25 an hour over a period of two years. It will directly impact 13 million working Americans, including 251,000 Coloradans. In addition, Senator Salazar spoke about his work to provide small businesses with targeted tax relief to help cushion the blow of a minimum wage increase. Senator Salazar’s specific provision to help small businesses is called the Business Relief and Incentives for Small Entrepreneurs Act, or the Business RAISE Act.

In his floor speech Senator Salazar said, “I firmly believe that it is time to give American workers and the businesses that hire them a raise. Doing so is good for workers, it is good for the economy, and it is the right thing to do.”

For workers the Fair Minimum Wage Act would mean an additional $4,400 in annual wages, money that could be used to pay for:

  • Almost two years of child care;
  • More than full tuition for a community college degree;
  • A year and a half of heat and electricity;
  • More than a year of groceries; and
  • More than 8 months of rent.

For businesses, Senator Salazar’s Business RAISE Act would allow 15-year depreciation periods for restaurant improvements, new restaurant construction, and improvements to business property that is owned as opposed to leased. It would also expand eligibility for the Work Opportunity Tax Credit to all disabled veterans.

The full text of Senator Salazar’s speech as prepared is available by clicking here.

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