On May 24, 2007 Congress approved the first federal minimum wage in 10 years. The provision will increase the federal minimum wage from $5.15 to $7.25 per hour in three phases over two years. Each phase will bring an increase of 70 cents.  The first phase will raise the wage to $5.85 per hour, 60 days on approximately July 25, 2007. The other phases will follow a year apart and will be completed by the summer of 2009.
The minimum wage bill was attached to the Iraq spending bill and small business tax breaks totaling $4.8 billion. The tax provisions extend and revise several popular tax breaks for small businesses, such as the work opportunity tax credit and incentives for business investments.
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