• The Raise the Wage Act of 2023 would more than double the current national minimum wage over the next five years.
• Proponents of the bill argue that the minimum wage has failed to keep pace with the cost of living over past decades.
• The bill has garnered support from Democrats in both the House and Senate, but will need bipartisan support to become law.

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Record inflation has squeezed the personal finances of millions of Americans lately. And that same inflation is leading some in Congress to propose a dramatic increase in the federal minimum wage. Last month, lawmakers in the Senate and the House of Representatives introduced legislation to raise the floor on hourly pay from $7.25 to $17 across the nation. What's in the bill and will it pass? Read on to learn more.

What's in the bill?

The so-called Raise the Wage Act would do just that: raise the minimum wage in the United States over the next half-decade. However, it would also introduce pay parity for certain workers who do not already qualify for the national minimum wage.

The headline-grabbing feature of the bill is an increase of the minimum wage to $17 per hour across the country -- but it won't happen immediately if the bill passes. Upon the passage of the bill into law, the minimum wage would jump to $9.50 per hour. Over the next five years, the minimum wage would grow by $1.50 annually. In the fifth year, the minimum wage would be $17, and would rise...

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