Several states set their minimum hourly wage above the federal minimum wage. To offset higher minimum wages,
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Several states set their minimum hourly wage above the federal minimum wage. To offset higher minimum wages, many of these states offer firms tax incentives that lower the cost of borrowing and/or lower the firm’s tax liability on profits. In general, how do these kinds of state policies (that is, higher minimum wages and lower taxes) distort the firm’s profit-maximization decisions? Why might we expect to see such policies attract firms in “high-tech” industries?
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Higher minimum wages and lower taxes create conflicting forces for firms profitmaximization decision...View the full answer
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