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Predicting how much the minimum wage will increase is nearly impossible because so many factors are involved.
That doesnt mean certain lawmakers and federal agencies havent looked into raising the minimum and analyzing the potential impact.
Under the default option, the minimum wage first increases incrementally in July 2024.
Five years later, in July 2029, it reaches its target of $17 an hour.
After that, its indexed to themedian hourly wage.
2024
By the end of 2024, the minimum wage would be $9.25.
2025
By the end of 2025, the minimum wage would be $11.00.
2026
By the end of 2026, the minimum wage would be $12.50.
2027
By the end of 2027, the minimum wage would be $13.75.
2028
By the end of 2028, the minimum wage would be $15.50.
Keep in mind that the above wages are only estimates included in the CBOs modeling.
Its a near-certain bet that none of those minimums will be approved at the federal level.
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