15 facts about a $15 minimum wage

JOIN THE MINIMUM WAGE REALITY CHECK CAMPAIGN @MinWageReality facebook.com/MinimumWageRealityCheck Get the facts and read testimonials at minimumwagerealitycheck.com 15 FACTS ABOUT A $15 MINIMUM WAGE 1. A 67% minimum wage increase will lead to the loss of at least 200,000 jobs. 2. Once fully phased in, a $15 minimum wage will cost employers, taxpayers and consumers across the state $15.7 billion each year. 3. The financial impact of a $15 minimum wage would be $283,463 per school district - resulting in an average tax levy increase of 2.6 percent. 4. Thousands of small businesses (farms, restaurants, retailers, convenience stores, etc.) will be forced out of business. 5. With billions in new Medicaid spending, New York State’s self-imposed 2% spending cap will be destroyed. 6. In an effort to pay for higher labor costs, more local governments will be forced to propose budgets that exceed New York State’s 2% property tax cap. 7. The teenage unemployment rate (21%) will double (42%) as employers will be forced to hire workers with more skill and experience. 8. Across the state, a $15 minimum wage will cost farmers $500 million annually. 9. The millions of seniors living on a fixed income will struggle to afford the rising costs of goods and services as well as higher taxes that will accompany a 67% minimum wage increase. 10. A 67% minimum wage increase will force NYSARC, the state’s largest not-for-profit serving individuals with developmental and other disabilities, to eliminate 5,000 jobs over the next two years. 11. Other non-profit organizations like the YMCA, will see a multi-million dollar hit per year - leading to fewer jobs, services and programs. 12. A 67% increase in the minimum wage is the highest increase in New York’s history. 13. The cost of locally grown produce will rise 25-50 percent. 14. A $15 minimum wage will cost SUNY students and taxpayers $29.7 million annually. 15. The annual cost of childcare, which averages $10,000 per child, will rise as providers struggle to cover increases in overhead.

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As Governor Andrew Cuomo and members of the state Legislature debate the proposal to increase New York State's minimum wage by 67%, the negative impacts of this unprecedented increase cannot be ignored.This document provides facts and figures that demonstrate just how bad this proposal will be for small businesses, farmers, taxpayers and consumers.

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Page 1: 15 Facts About A $15 Minimum Wage

JOIN THE MINIMUM WAGE REALITY CHECK CAMPAIGN

@MinWageReality facebook.com/MinimumWageRealityCheck

Get the facts and read testimonials at minimumwagerealitycheck.com

15 FACTS ABOUT A $15 MINIMUM WAGE

1. A 67% minimum wage increase will lead to the loss of at least 200,000 jobs.

2. Once fully phased in, a $15 minimum wage will cost employers, taxpayers and consumers across the state $15.7 billion each year.

3. The financial impact of a $15 minimum wage would be $283,463 per school district - resulting in an average tax levy increase of 2.6 percent.

4. Thousands of small businesses (farms, restaurants, retailers, convenience stores, etc.) will be forced out of business.

5. With billions in new Medicaid spending, New York State’s self-imposed 2% spending cap will be destroyed.

6. In an effort to pay for higher labor costs, more local governments will be forced to propose budgets that exceed New York State’s 2% property tax cap.

7. The teenage unemployment rate (21%) will double (42%) as employers will be forced to hire workers with more skill and experience.

8. Across the state, a $15 minimum wage will cost farmers $500 million annually.

9. The millions of seniors living on a fixed income will struggle to afford the rising costs of goods and services as well as higher taxes that will accompany a 67% minimum wage increase.

10. A 67% minimum wage increase will force NYSARC, the state’s largest not-for-profit serving individuals with developmental and other disabilities, to eliminate 5,000 jobs over the next two years.

11. Other non-profit organizations like the YMCA, will see a multi-million dollar hit per year - leading to fewer jobs, services and programs.

12. A 67% increase in the minimum wage is the highest increase in New York’s history.

13. The cost of locally grown produce will rise 25-50 percent.

14. A $15 minimum wage will cost SUNY students and taxpayers $29.7 million annually.

15. The annual cost of childcare, which averages $10,000 per child, will rise as providers struggle to cover increases in overhead.