Capital Scheme & Employment and Investment Incentive 27 2. 1. 5 Capital gains tax 27 2. 2 Business Registration 27 2. 3 Reducing Administrative
improve our living standards and our employment creation. This Government will continue to concentrate efforts on employment retention and creation
and a reinvigoration of entrepreneurial spirit will play a strong role in driving this agenda.
I would like to publicly thank all concerned for their input in this work. The challenge is now to deliver and
Building on the work done by Sean O'sullivan and the Entrepreneurship Forum this Policy Statement presents the six overarching elements
There has been wide stakeholder engagement over the last two years to support the development of this Policy Statement through public consultation, the work of the Entrepreneurship Forum and direct contact with academics and entrepreneurs.
and create much needed employment. Previously I have said that Ireland is a country with great entrepreneurs
or economic success. 2 Research published by the Central bank of Ireland in 2013 concludes that 67%of new job creation comes from companies within their first five years.
Research from the Kaufmann Institute in the United states also indicates that new and young businesses are the primary drivers of net job creation.
and work with its partners in enterprise to achieve this ambition. 3‘Entrepreneurship in Ireland-Strengthening the Startup Community',2014,
because unemployment or debt has drained their resources or negatively affected their credit ratings. For others, potential funding institutions may be risk averse.
wealth and job creation potential. 3 Innovation Make Ireland a location of choice for high quality international startups.
This was a substantial employment gain over a period in which longer established enterprises had shed 400,000 jobs.
because they have reduced employment options. However, there is also a very encouraging upturn in the number of people indicating they want to start a business within the next three years (up over 80%.
%Furthermore, a higher proportion of Irish early stage entrepreneurs expect to become employers (85%)than their counterparts in Europe as a whole (72%)and those in all OECD countries (71%.
The IMD World Competitiveness Yearbook 2013 ranked Ireland third for availability of skilled labour and first for flexibility and adaptability of workforce, attitudes to globalisation and investment incentives.
Stimulate and support quality entrepreneurial ventures that have high growth, export, wealth and job creation potential.
the capability to absorb technology, the extent of staff training, and the dominance of powerful business groups.
and to create the jobs and workplaces of tomorrow. From the GEDI pillar comparison on page 17
the US and UK. 1. 1 Culture Entrepreneurship is a powerful driver of economic growth and job creation.
Much work is being undertaken by the Government to promote entrepreneurial role models, foster positive attitudes to risk taking, teach basic business management and financial literacy and address skills gaps.
creating particular challenges for enterprise stimulation and job creation. While generally positive in tone a recent IBEC Economic Update (28 july 2014) showed a drop of between 2%and 4%in youth population in the BMW regions (vis-àvis the national average),
and there are many examples of good work being undertaken in many schools at transition year in mini-company formation
and adults in the acquisition of skills that are needed in the workplace is a key objective of this reform process.
DES) Work with education stakeholders across the education system to identify best practice and to mainstream successful programmes wherever feasible.
EI, LEOS) Work with other award giving initiatives to increase public awareness of entrepreneurship successes. DJEI, EI) Develop new measures within the Gaeltacht to recognise local entrepreneurs, building
and run their own business Work with the Department of Social Protection to promote the Back to Work Enterprise Allowance,
LEOS, EI, Únag) Ensure that entrepreneurship is recognised as a career option in the roll out of the new apprenticeships system.
and promotion of female role models, targeted events and awards, support for female entrepreneur networks and promotion of a dedicated area on corporate websites.
000 employment permits per year to experienced ICT professionals with skills in high demand. DJEI) 24 National Policy Statement on Entrepreneurship in Ireland Well-functioning, appropriate and stable framework conditions, incentives and supports form the basis of a good entrepreneurship ecosystem.
Ongoing focused work will be required in such policy areas as access to finance, tax, reward for risk, administrative and regulatory burdens, exporting,
Since 2008 unemployment and emigration levels disimproved by 192%and 27%respectively in the countryside
and employment has been noted in the CEDRA report. Tourism continues to be one of Ireland's most important economic sectors.
The Department of Transport, Tourism & Sport and Fáilte Ireland will continue to work to identify
Availability of talent Low rate of corporate tax Availability of R&d tax credits Low rates of non-wage add-ons to labour costs Ease of establishing an enterprise Flexible labour Some less well known strengths are:
Work has started already in making improvements in many of these areas. The suite of tax policies that affect entrepreneurs is being reviewed.
The Department of Social Protection provides support for unemployed people to start a business in the form of the Back to Work Enterprise Allowance.
To support job creation a range of employment supports are also available. These include a free recruitment service through the Jobs Ireland service, the Jobbridge internship scheme,
financial assistance through Jobs Plus and a range of workplace support schemes to support employers who employ a person with a disability.
An Employer Pack, available on the Department of Social Protection's website, contains more details on these supports
and services. 26 National Policy Statement on Entrepreneurship in Ireland The Social Inclusion and Community Activation Programme (SICAP) will seek to further address poverty and social exclusion through front-line interventions
and the provision of self employment, community and social enterprise supports as potential routes towards addressing long term unemployment and socioeconomic disadvantage.
This work and its contribution towards self employment is set out in detail in the Pobal report Supporting Inclusion through Selfemployment.
In the main, this work has been undertaken by Local Development Companies, who are supported via the assistance of the Department of Social Protection Back to Work Enterprise Allowance (BTWEA) scheme.
It is clear that an integrated approach is needed which combines the full range of services in supporting the development of an entrepreneurial culture in Ireland.
The new Social Inclusion and Community Activation Programme as well as the LEADER programme will play a valuable role in driving our ambition.
These programmes have a remit for working in disadvantaged communities across the country. Local and Community Development Committees (LCDCS) have been established in each local authority area
The LECP will seek to address community and local development responses to employment, self employment and social enterprise.
and facilitating the growth of startups into enduring companies offering sustainable long-term employment. The effective tax rate
The value of the relief in each of the three years is capped at the amount of employers'PRSI paid by a company. 2. 1. 2 Start Your Own Business The Start Your Own Business (SYOB) scheme provides relief
National Policy Statement on Entrepreneurship in Ireland 27 2. 1. 3 Share Based Remuneration In private Companies Share based employee remuneration can significantly reduce fixed labour costs
The extent to which a company can avail of tax efficient share based employee remuneration relief in Ireland,
which facilitate employers who wish to allocate shares, or grant options to buy shares, to their employees.
These include share option schemes, ‘save as you earn'share option schemes, approved profit sharing schemes, restricted share schemes and employee share ownership trusts.
The current tax treatment of share options, however is considered to be less competitive than that available in other countries
This creates a particular challenge for businesses seeking engineering or executive level talent to fill such roles as chief executive officer, chief operating officer and chief financial officer.
the use of share based employee remuneration by private companies in Ireland is limited. In addition for smaller companies the administrative burden of setting up such schemes is unduly high.
and hire suitably skilled staff from the global talent pool. 2. 1. 4 Seed Capital Scheme & Employment and Investment Incentive The Seed Capital Scheme (SCS), in conjunction with its associated scheme,
the Employment and Investment Incentive (EII), are tax relief incentive schemes. The EIIS provides tax relief to unrelated private investors for investment in certain corporate trades.
or were in employment which was subject to PAYE and who establish and work full time in their own company
indicating that reforms are required probably to improve the promotion and uptake of these measures. Both schemes are currently being reviewed by the Department of Finance ahead of Budget 2015.2.1.5 Capital gains tax Investment
business and union representatives, chaired by the DJEI, which is responsible for identifying ways of reducing the burden of red tape on business.
Work will continue to drive efficiencies in many of the necessary interactions of new businesses with the State e g. turnaround time for work permits,
in an integrated way of the supports across government Opportunities to work with other stakeholders to develop hubs for entrepreneurship
A cross-border approach to entrepreneurship offers an opportunity for the entrepreneur to access resources such as capital, labour and technology that can spark new ideas.
The work of Intertrade Ireland, which is funded co by the Department of Jobs, Enterprise and Innovation, is designed to build capacity
and job creation fully fit with the Government's wider enterprise strategies. 32 National Policy Statement on Entrepreneurship in Ireland Key Actions:
DJEI and other relevant Depts) Review and consider further amendments to the Employment and Investment Incentive (EII) scheme to fulfil its potential as a non-bank (equity) source of funding for SMES.
business expansions and jobs created or sustained as well as wider economic impacts such as exports, mentoring, training and enterprise promotion.
The LECP will seek to address community and local development responses to employment, self employment and social enterprise.
with a particular emphasis on regions that have struggled to achieve employment growth. Enterprise Ireland will also publish a report each year on the startup environment across the LEOS network, identifying areas of excellence and areas for improvement and innovation.
EI, LEOS) Initiatives will be developed at local and regional levels to encourage business to work with LEOS
wealth and job creation potential EI will aim to increase its overall level of startup clients by 12%to 550 over the 2014-2016 strategic period.
Únag) Work with all supported enterprise centres (CECS, BICS etc. to set out ambitions for the cultivation of startups
Enterprise Ireland works with entrepreneurs and innovative startups at all stages of growth partnering with the LEOS,
the universities and the Institutes of Technology to bring together the State's support structures in a way that works for the entrepreneur.
and The irish Research Council's Employment-Based Postgraduate programme (Phd and Masters). The publication of an Intellectual Property Protocol designed to make it easier for business to engage with academics by providing clarity
Research contracts for Graduate student projects with industry KTI is working with The irish Research Council to clarify how IP is treated in its Employment-Based Postgraduate programme with the aim of increasing certainty and security for participating companies.
Changes are proposed in the Employment Permits (Amendment) Bill 2014, currently before the Dail, which are designed to relax certain regulations on the issuing of employment permits.
The Bill provides that the existing provision requiring that at least 50%of an enterprise's employees must be Irish
or EEA nationals may be waived for enterprise start-ups on the recommendation of one of the State's enterprise development agencies.
The Employment Permits system also gives priority to skills listed on the Highly Skilled Occupations List (HSOL
which is aligned closely to the Expert Group on Future Skills Needs (EGFSN) analysis. These skills include all occupations relating to ICT,
and increasing the employment needs of businesses. As the Entrepreneurship Forum identified, access to finance is always a critical issue for startups.
Work will also continue to ensure a strengthening of the linkages between SME capability building, advice and access to finance.
such as the Seed Capital Scheme, Employment Investment Incentive, Microfinance Ireland and the Credit Guarantee Scheme.
and international venture capital investors and continue to develop the domestic venture capital sector Double the volume of angel funding over the next five years through such actions as reforming the Employment Investment Incentive.
SBCI, D/Finance) Drawing on international good practice, the Department of Finance will continue to work with banks to improve their internal review mechanisms
Bord Bia, Management Works Skillnet, CEB Accelerate Programme) 10. To further facilitate the development of mentoring for SMES and start ups
The promotion of successful female entrepreneurs as role models and building the confidence of newly emerging female entrepreneurs are two important aspects of networking.
a time bound programme with agreed SMART goals, clear responsibilities for both parties, structured feedback and the recruitment of experienced entrepreneurs with the skills necessary for mentoring.
which will in turn increase economic opportunity, business creation and employment. Strengthening the linkages between the main stakeholders
Galway and Waterford), delivering the key enablers for job creation in the innovative startup and early stage SME market to an EC Accredited Quality Standard.
National Policy Statement on Entrepreneurship in Ireland 46 5. 3. 2 Acceleratorsin response to the popularity and demand for accelerators among startups, work will also be undertaken on developing
It recommended the establishment of a working group to develop a policy for the promotion of the co-working model that would use unoccupied public and NAMA-controlled buildings,
which new types of mentors (volunteer entrepreneurs or serving executives) would be attracted. DJEI)- Test market on a regional pilot basis the establishment of an interactive searchable portal for mentors accessible to all enterprises.
EI) Work with enterprise and the wider communities and public authorities to develop new sources of co working spaces and hotspots.
Business Representative Bodies, DJEI) Business Representative Bodies should leverage resources from the entrepreneurial community in Ireland for the promotion of initiatives to celebrate entrepreneurs (competitions, conferences, internships.
Projects involved a minimum of five companies working together to undertake feasibility work and to conduct market research.
evidence based case for the viability of their proposed solution (for example a desk based feasibility study with some supporting practical work/data).
of which over a quarter was generated from purchases by UK stores. 6. 5 Global Sourcing Projectthe Global Sourcing project has been a major area of focus for the EI-IDA senior management teams since its establishment in early
which have the best chance of converting to sales (and therefore increased employment) in the least amount of time.
Over time, this increase in sales will have a positive effect on the sustainment and growth of employment in Irish companies.
This voucher can be redeemed against the cost of practical advice provided by participating expert providers in Northern ireland and the Republic of ireland to a company considering trading across the island.
and continue to work to attract international buyers to Ireland to source Irish goods and services.
and selected because of their potential to have a significant effect on job creation. It is vital that action is taken to optimise the role of entrepreneurship as an essential source of wealth creation and employment,
thereby positioning it as a key element in the economic growth agenda. This Policy Statement has set out the core objectives
Tracking Action Delivery Considerable work has been undertaken in recent years to support entrepreneurs and startups and the actions identified in this Statement will strengthen existing supports.
In view of the significant inputs of financial and human resources from the State to support entrepreneurship, it is essential that the progress
and will be supplemented as work is undertaken on each objective area. Benchmarking/Measuring Entrepreneurship A comprehensive profile analysis of the national entrepreneurship ecosystem in Ireland will assess current national performance against international comparators.
€506, 000 approved (2, 892 individual visits) Work with DJEI and other stakeholders to implement the recommendations of the Forfás Review of Business Mentoring Services in Ireland.
051 staff. 167 centres have been approved for financial support (of which 117 have been completed)(*10 centres were supported not by EI for a capital build) €64m approved over 4 schemes
and work will commence to define the sectoral and stage of development focus of those calls for expressions of interest in the near term.
Local Enterprise Offices Entrepreneurship Supports LOCAL ENTERPRISE OFFICES ENTREPRENEURSHIP SUPPORTS CEB total 2013 LEO total 2014 (target) Employment Jobs Created 1
, 522 Jobs Sustained 20,478 Total Employment new portfolio 20,478 22,000 Grants (M1 & M2) Feasibility Applications approved (number) 188 156 Feasibility
-Index Competition Competitors Market Dominance Human Capital Educational Level Staff Training Technology Absorption Technology Level Tech Absorption Gender Female Opportunity
Tourism and Sport EGFSN Expert Group on Future Skills Needs EI Enterprise Ireland EIB European Investment Bank EIF European Investment Fund EIIS
Employment and Investment Incentive scheme GEDI Global Entrepreneurship Development Index GEM Global Entrepreneurship Monitor HEA Higher education Authority HEI Higher education institutions HBAP Halo Business
Angel Partnership HBAN Halo Business Angel Network HPSU High Potential Startups Glossary of Terms IBEC Irish Business and Employers'confederation IP Intellectual Property
in part by ensuring that budget policies support investments and tax expenditures that drive GDP growth and that boost overall work effort.
d. Increasing federal funding for worker training by at least $10 billion per year; e. Increasing the gas tax by 35 cents per gallon
including making it harder for workers to receive disability benefits, while also providing incentives for workers to retire at a later age.
This includes: PAGE 3 THE INFORMATION TECHNOLOGY & INNOVATION FOUNDATION JANUARY 2014 a. Increasing the Social security
(and Medicare) full retirement age to 67 for workers born in 1954 and continuing to increase it by two months every year until it reaches 70;
d. Increasing the minimum wage to at least $9. 00; and e. Reducing the U s. prison population 3. Cut spending on activities that function as consumption,
a. Instituting progressive indexing that indexes SSI benefits to wages for low-income workers and to inflation for high-income workers;
and f. Eliminating employment related tax benefits, including the health care insurance tax benefit and the transportation tax benefit Taking these four steps will help reduce all three of America's deficits the budget,
Work Hours: Does the program or policy increase the amount of work hours per-capita by encouraging those workers who are able to work to enter into
or remain in the labor force, including staying longer at the end of their working life? This is important because GDP is a function of work hours multiplied by productivity;
increasing work hours, especially for people not working, is a key way to boost GDP and,
by definition, lower the debt-to-GDP ratio. This does not mean that spending that does not increase one
or more of these four factors should by default be cut. There are other reasons for public spending (e g.,
but by increasing investment and spurring more work effort, America can begin closing its three deficits
federal support for worker training should be increased by at least $10 billion per year. There are several areas that should be targeted for investment,
Congress should dramatically reform federal personnel regulations to make it much easier to fire federal workers, especially underperforming ones. 28 Moreover,
and processes regarding IT procurement to enable agencies to more effectively BUY IT systems. 29 POLICIES TO INCREASE WORK HOURS There are two ways to boost GDP:
or increases in taxes it will be necessary to adopt policies that boost work hours. There are two ways to do this:
, increased immigration) or increase the number of hours workers work in their life. The former can increase GDP
The latter, expanding work hours, is more effective because it increases output and taxes paid while reducing the consumption of public services,
having workers remain in the labor market, even for just a year or two more, would have a positive effect on both the deficit (by increasing taxable income and reducing entitlements) and GDP.
One way to increase total work hours per worker is to increase the number of hours worked each year.
Americans already work more hours per year than workers in most developed nations. 30 Do we really want Americans to take even less than their paltry two weeks of vacation
so that workers work more years. This means, as described below, raising the retirement ages for Social security, Medicare,
and federal government retirement programs, limiting disability payments for prime-age workers, and reducing America's prison population.
Americans will be spending more years in retirement consuming a share of the output of current workers,
but only for workers born in 1960 or later. Yet, on average, life expectancy during retirement is projected to increase by 11 percent (2. 2 years) between 2015 and 2050.
Americans will be spending more years in retirement consuming a share of the output of current workers,
Congress should increase the Social security full retirement age to 67 for workers born in 1954
and generate more federal tax revenues as workers work longer. 33 The government should also increase the eligibility age for Medicare at the same rate as for Social security. 34 In addition,
but it will encourage workers to not retire early, leading to higher GDP and tax revenues.
Based on CBO's estimate for similar proposals, these changes will save approximately $77 billion over the next 10 years. 35 Assuming these changes cause the average worker to remain employed for two additional years at the median
salary and average tax rate for workers approaching retirement, these changes could also generate an additional $40 billion in taxes each year.
particularly for workers who are not able for physical reasons to work longer. However, these workers would still qualify for Medicaid and Social security Disability insurance (SSDI.
Moreover, with the move to an economy with many more jobs in the services sector, the availability of jobs that require limited physical exertion has grown.
Federal government worker pension liabilities have increased also substantially, with unfunded pension liabilities reaching $761. 5 billion in 2011.37 The current federal pension,
the Federal Employees Retirement System, provides a lifetime defined benefit for 45%46%48%22%28%35%67%74%83%0%20%40%60
%80%100%201020202030old-age Dependencyyouth Dependency PAGE 10 THE INFORMATION TECHNOLOGY & INNOVATION FOUNDATION JANUARY 2014 federal employees.
One primary reason that the benefits system is so generous is that it is used as a recruitment tool.
If it turns out that increasing years of service significantly reduces the recruitment incentive it would be better to increase salary levels for servicemen
Increase Prime-Age Residents'Work Rates It is not enough to increase incentives for workers to retire later;
we need to increase them for prime-age workers as well. The labor force participation rate for prime-age Americans aged 25 to 54 has dropped by 2. 9 percentage points
from 84.8 percent in 1990 to 78.8 percent in 2011.40 Every worker who leaves the labor force can generate a double-drag on the economy,
The first is to ensure that disability benefits only go to those who truly cannot work and to strengthen efforts to increase the incentives for people on disability to reenter the workforce.
prime-working-age individuals receiving SSDI increased from 3. 1 percent of the workforce to 6. 5 percent. 44 This change does not appear to reflect any real change in the ability of Americans to work.
& INNOVATION FOUNDATION JANUARY 2014 would increase labor force participation rates as rejected workers would be required to find jobs.
If the share of workers receiving disability was reduced to the rates of the year 2000,
and taxes. 47 Although increased ease of obtaining SSDI benefits has been one cause of the decline in prime age workers in the labor force,
One reason why wages have not increased for these jobs is that the federal minimum wage has declined in inflation-adjusted dollars from $10. 77 in 1968 to $7. 25 per hour today. 48 As a result,
Congress should increase the minimum wage to at least $9. 00 over a three-year period with annual increases tied to the overall rate of wage growth from that point on.
Some will argue that increases in the minimum wage lead to higher unemployment. But this is an error of applying microeconomic analysis to a macroeconomic phenomenon.
and by the overall competitiveness of the U s. economy. 49 Once the economy is back to full employment,
if any unemployment resulted from an increase in the minimum wage, macroeconomic policy, especially monetary policy, would adjust,
bringing the economy back to full employment. In addition, a higher minimum wage would reduce outlays from the earned income tax credit.
Finally, another reason why fewer adults are working is because so many are in prison. The U s. prison incarceration rate is the highest in the world
In addition, these workers would pay federal taxes. 54 Will These New Workers Take Jobs from Other Workers?
since there will not be enough jobs for the additional workers. But this view reflects what economists call the lump of labor fallacy,
which refers to the notion that the amount of work available to workers is fixed. In fact, the number of available jobs is fixed not.
Rather, the number of jobs, at least over the moderate term, is determined by the number of people willing and able to work.
and unemployment did not go up. As they entered the workforce, female workers earned money that let them purchase goods and services,
which generated further demand for What is certain is that the United states will be less prosperous
if it pays more and more of its citizens, young and old, not to work. PAGE 12 THE INFORMATION TECHNOLOGY & INNOVATION FOUNDATION JANUARY 2014 workers in the sectors that satisfied their consumption.
What is certain is that the United states will be less prosperous if it pays more and more of its citizens,
young and old, not to work. SMART SPENDING CUTS In order to eliminate the deficit and reduce the debt-to-GDP ratio,
as noted above, increasing critical PIC-inducing investments and increasing incentives for expanded work hours.
or competitiveness and should also lead to increased work hours. Reduce the Growth of Social security Payments Entitlement spending accounts for 57 percent of the budget
Congress should institute progressive indexing that indexes SSI benefits to wages for low-income workers and to inflation for high-income workers.
For future low-wage workers, this means they would still receive more in real dollars than today's low-wage workers,
but future high-wage workers would receive close to the same amount. However, any progressive indexing should indeed be progressive,
with perhaps the bend point being set at the thirtieth percentile of earners while maintaining current-law benefits for the rest.
taxes on individuals do not limit work incentives or reduce savings and investment. 70 One reason for the lack of effect on the former is that as Moffit and Wilhem found,
The evidence in these data is that hours of work are, as found in much of the previous work,
inelastic for prime-age males in the United states. 71 A broad review of the new tax responsiveness literature conducted by the Organization of Economic Cooperation
while higher tax rates are associated with less work for married women who work part time, for men and women working full time,
higher taxes are associated only with a negligible increase in work. 72 Moreover, the OECD found that with respect to the United states,
higher taxes were associated with slightly higher work hours. Therefore, Congress should extend the top marginal rate of 39.6 percent to all households making $250
exactly as predicted by financial experts PAGE 15 THE INFORMATION TECHNOLOGY & INNOVATION FOUNDATION JANUARY 2014 like Aswath Damodaran, professor of business at the Stern School of business at New york University.
000 of the mortgage and not be indexed to inflation. 80 A second place to start is for Congress to eliminate employment related tax benefits,
which workers choose to receive their income. Neither subsidy stimulates productivity or growth, and both distort consumer
Under current law, full-time employees pay a portion of their employer-provided health insurance premiums with before-tax dollars.
but because of the regressive nature of the tax deduction income taxes are lower for low-income employees
and fewer low-income workers have provided employer health insurance those who can most afford health care receive the highest income tax exclusion.
Furthermore, eliminating the employee portion of the health-care tax deduction puts both part-time and full-time employees on equal footing. 81
International Labour Office, A Skilled Workforce for Strong, Sustainable and Balanced Growth (International Labour Office, November 2010), http://www. ilo. org/wcmsp5/groups
and Stephen J. Ezell and Robert D. Atkinson, Fifty Ways to Leave Your Competitiveness Woes Behind:
Under the CBO proposal the FRA would rise by two months every year for workers born after 1952.
It would therefore reach 67 for workers born in 1958 and then go up to 70 for workers born in 1976 and later.
CBO estimates this would save $58. 2 billion over the next decade. Congressional Budget Office, Options for Reducing the Deficit:
THE INFORMATION TECHNOLOGY & INNOVATION FOUNDATION JANUARY 2014 39.2012 Economic Report of the President (Civilian labor force participation rate and employment/population ratio, 1965-2011, Table B-39;
OECD, Employment and Labour market Statistics (summary tables; accessed October 15, 2013), http://dx. doi. org/10.1787/lfs-data-en. 41.
Social security administration, Annual Statistical Supplement to the Social security Bulletin 2012,(Average primary insurance amount for retired workers and average monthly benefit for retired and disabled workers,
Craig Elwell, Inflation and the Real Minimum wage: A Fact Sheet (Congressional Research Service, September 12, 2013), 2, http://www. fas. org/sgp/crs/misc/R42973. pdf. 49.
Robert D. Atkinson, Minimum wage/Maximum Growth, Innovation Files, February 1, 2010, http://www. innovationfiles. org/minimum-wagemaximum-growth/.
The COLA is determined now by a version of the CPI that measures prices for urban wage earners
and clerical workers (CPI-W). The CPI-W measures price changes but does not assume that people change their buying habits in response to those changes.
Jonathan Gruber, The Tax Exclusion for Employer-Sponsored Health insurance NBER Working Paper no. 15766 (February 2010.
Gruber writes that keeping the tax exclusion for employers but removing deductibility of cafeteria plans raises only $42 billion
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