What we would have is an underground economy; 30% of the labor force working off the books for cash and of course not paying any federal income taxes or social security taxes.
A 40% increase in labor costs for some of your workers.
Replace low wage low skilled workers with machinery or higher paid more skilled workers
It's actually a better deal for everyone concerned, except for the Feds of course.
But who gives a damn about them? Bring it. Let's take the whole economy to a cash or barter level, and see what power they have left.