Minimum Wage Texas 2024 Impact Report. A $20 minimum wage in the fiscal year 2025 budget would cost the city $5.3 million, compared to $679,006 for a $16.07 minimum wage. It would gradually eliminate, by 2027, the.

Some states stand out with substantial hikes, adjusting wages to better align with living costs and economic. Texas follows the federal minimum wage, currently set at $7.25 per hour in 2024.