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drewg__'s profile
drew
drew
drew
@drewg__

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drew

@drewg__

electronic trading technologist, illiquid commodity futures enthusiast, hedge fund/HFT apologist, big idiot

NYC
Joined April 2009

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    1. drew‏ @drewg__ Mar 17

      drew Retweeted Mary Childs

      Eliminate the tipped minimum wage, it permanently enshrines precarity in the law and we shouldn't accept it in a just societyhttps://twitter.com/mdc/status/1372312674588098562 …

      drew added,

      Mary ChildsVerified account @mdc
      the federal minimum wage for tipped workers is $2.13/h; tips are supposed to make up the diff & get them to regular-min-wage. or more! but, maybe obviously, it doesnt always happen. so workers are p reliant on customers' good graces. which is... not ideal! https://npr.org/2021/03/12/976465414/the-even-more-minimum-wage …
      Show this thread
      2 replies 1 retweet 15 likes
    2. packmansam‏ @PackManSamm Mar 17
      Replying to @drewg__

      I'm all for moving to a tipless restaurant industry in the US. But many workers like it for the... Cough cough... Tax advantages

      1 reply 0 retweets 1 like
    3. drew‏ @drewg__ Mar 17
      Replying to @PackManSamm

      The marginal tax rate for someone working min wage is 12%, if you take in $100/shift in tips thats only $12/shift in tax savings, and that's assuming it's all in cash which it isn't... Tipped workers would net out quite a lot better than that if they got an even $15/hr

      2 replies 0 retweets 2 likes
    4. packmansam‏ @PackManSamm Mar 17
      Replying to @drewg__

      Marginal calc include fica? But ya, I can see it being the optimal decision yet the physical allure of cash being a psychological illusion

      1 reply 0 retweets 1 like
      drew‏ @drewg__ Mar 17
      Replying to @PackManSamm

      Ah yeah forgot payroll taxes, fair enough, but the point stands, you would have to be making quite a lot in cash tips for it to be worth it because of tax evasion. Plus your income isnt secure in the same way that it would be if it was guaranteed by law

      6:06 PM - 17 Mar 2021 from Brooklyn, NY
      • 1 Like
      • packmansam
      0 replies 0 retweets 1 like

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