US House Passes Minimum Wage Increase

The United States House of Representatives ignored the advice of President Bush and passed a minimum wage increase without any associated tax breaks. The House passed the bill with a three quarters majority vote, as it now moves to the Senate for approval. The Fair Minimum Wage Act of 2007 (if passed to law) will raise the federal minimum wage to $7.25 per hour. To learn more on the new minimum wage changes visit Tax-News.com.