What is the official ID of this bill?
The official print number for this legislation is HR 9873.
Minimum Wage Hike to $15 and Tax Brackets Linked to Stability Wage
This Act significantly raises the federal minimum wage to $15 per hour, followed by automatic annual increases tied to wage growth and cost of living (Stability Wage). Key labor changes include eliminating the subminimum wage for tipped workers and individuals with disabilities. Furthermore, the law introduces a new income tax structure where brackets are indexed to the new minimum wage, alongside a new surcharge on very high earners, while protecting low-income individuals from immediate benefit loss.
Key points
The minimum wage increases to $15 per hour initially, with future annual adjustments based on inflation and average wage growth (Stability Wage).
Tipped employees must receive the full minimum wage directly from the employer, eliminating the lower base wage (tip credit).
The practice of paying subminimum wages to workers with disabilities is phased out, ensuring they receive the full minimum wage.
A new surcharge (3% and 5%) is imposed on individuals, estates, and trusts with extremely high incomes.
Income tax brackets are redefined and automatically adjusted based on the Stability Wage, aiming to prevent inflation-driven tax increases.
Protections are put in place to prevent low-income workers from immediately losing federal benefits when their income rises due to the minimum wage increase.
Status:
Expired
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