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The minimum wage increase examined by CBO is similar to the wage increase called for in the Raise the Wage Act of 2019, which would bump the minimum wage to $15 by 2024 and would be indexed to ...
The tool’s default policy option is based on the Raise the Wage Act of 2023 (S. 2488), which CBO analyzed in The Budgetary and Economic Effects of S. 2488, the Raise the Wage Act of 2023.
In February 2021, the Congressional Budget Office released a report on the Raise the Wage Act of 2021 which estimated that incrementally raising the federal minimum wage to $15 an hour by 2025 would benefit 17 million workers, but would also reduce employment by 1.4 million people.
The Congressional Budget Office (CBO) in 2014 estimated the theoretical effects of a federal minimum wage increase under two scenarios: an increase to $9.00 and an increase to $10.10. According to the report, approximately 100,000 jobs would be lost under the $9.00 option, whereas 500,000 jobs would be lost under the $10.10 option (with a wide ...
A new report from the Congressional Budget Office finds that raising the minimum wage to $15 would boost the pay for an estimated 17 million workers.
In 2021, a Congressional Budget Office report concluded that boosting the federal minimum wage to $15 an hour would raise incomes for millions of Americans and lift 900,000 people out of poverty ...
History of the US federal minimum wage. Lower line is nominal dollars. Top line is inflation-adjusted. [1] [2] The Raise the Wage Act is a proposed United States law that would increase the federal minimum wage to US$17. [3] [4] Versions of the bill have been introduced in each United States Congress since 2017.
A Congressional Budget Office report says a higher minimum wage will cost jobs, but also that millions will benefit. Column: CBO attacks plan for higher minimum wage — or does it? Skip to main ...