If enacted in April 2024, the Raise the Wage Act of 2023 (S. 2488, as introduced on July 25, 2023) would raise the federal minimum wage, in annual increments, to $17 per hour by July 2029 (see Table 1). That amount would then be adjusted to increase at the same rate as median hourly wages. In this report, the Congressional Budget Office presents its estimates of the bill’s effects on the federal budget and the economy.
