- If the 2021 Raise the Wage Act were passed and the federal hourly minimum wage increased to $15 by 2025, EPI estimates that annual government expenditures on major public assistance programs would fall by between $13.4 billion and $31.0 billion.
- Earned income tax credit (EITC) and child tax credit (CTC) expenditures would decline by somewhere between $6.5 billion and $20.7 billion annually. Expenditures on the Supplemental Nutrition Assistance Program (SNAP) and other major government transfers would fall by between $5.2 billion and $10.3 billion annually.
- Reduced annual expenditures on SNAP alone would range from $3.3 billion to $5.4 billion. They also estimate that the $15 federal minimum wage in 2025 would increase annual Federal Insurance Contributions Act (FICA) revenue by between $7.0 billion and $13.9 billion.
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