The Congressional Budget Office (CBO) conducted an analysis of the Raise the Wage Act of 2023 that would raise the federal minimum wage to by nearly $10 to $17 per hour over five years. The Act (S. 488) was introduced by Sen. Bernie Sanders (I-VT) in July 2023.

The federal minimum hourly wage is currently set at $7.25 and has not increased in 14 years, the longest period of congressional inaction in the history of the minimum wage. The report analyzes the impact of the Act on a variety of sectors and workers and found that the largest spending increases would be for the government’s major health care programs and unemployment compensation; the largest revenue decreases would be from income taxes.