In 2024, various U.S. states have enacted significant changes in minimum wage and tax regulations that will take effect in 2025.
As of January 1, 2025, the minimum wage has increased in 21 states, with Washington leading at $16.66 per hour, followed by Delaware at $15.00. Minnesota has standardized its minimum wage to $11.13 for all employers. Washington, D.C. continues to have the highest minimum wage at $17.05.
Additionally, New Hampshire has implemented a ban on gender-affirming surgeries for minors, allowing lawsuits against providers by affected minors and their parents.
New York has amended its constitution to include abortion protections, affirming that rights cannot be denied due to pregnancy.
Furthermore, the Inflation Reduction Act has broadened clean electricity tax credits for energy production without greenhouse gas emissions, and Medicare enrollees will now have a maximum out-of-pocket prescription drug cost of $2,000 per year.
In Canada, tax brackets are set to increase by 2.7% in 2025, with the federal tax rate structured into five brackets, ranging from 15% to 33%. The basic personal amount will also rise, benefiting those with lower incomes.
British Columbia will see increases in CPP contributions and a new home-flipping tax, while capital gains tax changes will impact asset sales starting in 2025.
In Italy, new tax measures will include a land tax and changes to personal income tax deductions, alongside a one-time bonus for newborns aimed at encouraging family growth.
Indonesia's House of Representatives is suggesting a land amnesty to legalize unregistered land ownership, potentially boosting state revenue.
Argentina has introduced a tax transparency regime requiring large businesses to itemize taxes on receipts, enhancing consumer awareness of tax contributions.
Finally, Croatia is implementing a property tax for unutilized real estate, with rates varying by municipality, and adjustments to personal income tax and minimum wage are also set to take effect.