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Impacts of raising the federal minimum wage Potential effects on small businesses and consumer goods Minimum Wage (Source: AP Images) By Victoria Lara | February 5, 2021 at 6:00 AM CST - Updated February 5 at 6:00 AM TYLER, Texas (KLTV) - One of the bills Congress is considering from President Biden’s first weeks was an act to gradually raise that wage to $15 an hour by 2025. The federal minimum wage has stayed at $7.25 since 2009. Over 20 states have their own minimum wage laws that are higher than the federal rate, and Texas isn’t on the list. Professor of Management with UT Tyler, Dr. Harold Doty, tracks economic trends and spoke with us about his take on raising the federal minimum wage. He says this boost in income will help minimum wage workers, but it will ultimately hurt that same group of people. As bigger companies opt for convenient technology to replace workers, he says small business will take the biggest blow. ....