The federal minimum wage has remained at $7.25 for 15 years. Will the election result in a change?

• Since 2009, the federal minimum wage has remained unchanged at $7.25 per hour.
• On the campaign trail, Kamala Harris has stated that change is necessary.
• Some argue that it's necessary to increase the national minimum wage rate, as some states and companies have already done so.

While the federal minimum wage has reached a milestone, it may not be a cause for celebration among affected workers.

For 15 years, the federal minimum wage has remained stagnant at $7.25 per hour.

On the campaign trail, Kamala Harris recently proposed a change in the Democratic presidential nominee.

At an Aug. 10 Nevada campaign event, Harris stated that as president, we will continue our struggle for American working families, including increasing the minimum wage and abolishing taxes on tips for service and hospitality workers.

Trump and Harris both advocate for no taxes on tips, but experts are against it.

While many states have set higher minimum hourly pay rates than the federal minimum wage, 20 states have wages that are equal to or lower than the federal level, according to Business for a Fair Minimum Wage. These states include Alabama, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, New Hampshire, North Carolina, North Dakota, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Wisconsin, and Wyoming.

Michigan has abolished the subminimum wage for tipped workers, making it the first state to do so in over four decades. The federal minimum wage for tipped workers remains at $2.13 per hour, as long as their tips bring them up to the $7.25 per hour federal minimum wage.

Though Harris has praised states that have raised the minimum wage to at least $15 per hour, she has not disclosed how high she wants to increase it.

The Harris campaign did not return a request for comment by CNBC.

In 2021, Democrats in Congress attempted to increase the federal minimum wage to $15 per hour as part of a broader Covid relief package. However, their efforts were unsuccessful as it was determined that the change could not be included in legislation passed through a one-party majority.

In a 2020 debate, President Donald Trump voiced worries that increasing the federal salary cap could harm small enterprises.

"During the 2020 debate, Trump stated that forcing wages on small businesses would not help them, as it would lead to many employees being fired."

Trump's campaign did not respond a request for comment by CNBC.

Earlier this year, a CNBC survey revealed that 61% of small business owners support increasing their state's minimum wage, but half of them believe it could be challenging to afford to pay their critical workers if such a change occurs.

The link between a higher wage and increased consumer purchasing power is often overlooked in the minimum wage discussion, as pointed out by Holly Sklar, CEO of Business for a Fair Minimum Wage.

Sklar stated that when you lose minimum wage buying power, it translates to a decrease in customer buying power.

If workers receive higher minimum wages, they will be more likely to spend that money, which will benefit businesses, she stated.

Ben Zipperer, senior economist at the Economic Policy Institute, stated that increasing the federal minimum wage would benefit low-paid workers in achieving financial stability and security.

Over the past 15 years, Congress's failure to update the minimum wage has resulted in a 29% to 30% loss of its purchasing power, according to Zipperer.

Increasing the minimum wage to $15 per hour would benefit approximately 20 million workers, including those who earn slightly above the federal minimum wage.

Zipperer stated that alterations in wages do not necessarily lead to substantial shifts in employment.

He stated that increasing wages at a workplace makes it easier to attract and retain employees.

In response to the tight retail labor market, some companies, including Target and Walmart, have established higher minimum pay thresholds of $15 and $14 per hour, respectively.

Still, advocates hope for a broader change at the national level.

Sklar stated that he looks forward to supporting efforts to increase the minimum wage in the next White House and Congress, and to demonstrate the strong business case for this action.