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Letter to the Honorable William "Bill" M. Thomas: Responses to Questions Posted by Congressman, Thomas about the Effects of Increasing the Federal Minimum Wage [i] (December 2006)

handle is hein.congrec/cbo9523 and id is 1 raw text is: CONGRESSIONAL BUDGT OFFICE U .S. Congress ashington, DC 20515 December 29, 2006 Honorable William Bill M. Thomas Chairman Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: I am pleased to respond, in the attachment to this letter, to your questions about the potential effects on government revenues and outlays that could result from enactment of an increase in the federal minimum wage rate from $5.15 to $7.25 per hour. In addition, at the request of Congressman McKeon, CBO has prepared a cost estimate (dated December 29, 2006) for H.R. 2429, the Fair Minimum Wage Act of 2005, which would raise the minimum wage to $7.25 in three steps over a two-year period. A copy of that estimate is also attached. If you require additional information about the effects of increases in the minimum wage, CBO will be pleased to provide it. The staff contacts are Paul Cullinan, Ralph Smith, and Mark Booth. Sincerely, Donald B. Marron Acting Director Attachments cc: Honorable Charles B. Rangel Ranking Democrat

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