Warren Buffett suggests that working 40 hours a week should provide a decent living but cautions against raising the minimum wage as it could lead to job losses for low-skill workers. Instead, he advocates for a larger earned income tax credit that increases workers' paychecks without causing businesses to cut jobs, encourages skill-building, and maintains economic stability. This tax credit benefits low-income earners by providing a refund or credit based on their income.
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00:00Warren Buffett says if you work 40 hours a week, you should be able to live decently.
00:04But here's the catch. He's not pushing for a higher minimum wage.
00:08Instead, he warns that raising wages too much could backfire,
00:11leading to job losses, especially for low-skill workers.
00:15So what's his solution? A bigger earned income tax credit.
00:18This program boosts workers' paychecks without forcing businesses to cut jobs.
00:22It rewards hard work, encourages skill building, and keeps the economy stable.
00:28If you earn a low income, you can qualify for a tax refund or credit when you file your taxes.
00:34The lower your income, the bigger the credit.
00:36What do you think? Is this a smarter move than raising wages?