The city council of Richmond, Calif., voted six-to-one late Tuesday to raise the city's minimum wage to $12.30 an hour by 2017, from $8 an hour now. That would give Richmond, a city just north of San Francisco, the highest minimum wage in the U.S. San Francisco currently holds that honor, at $10.74 an hour. You can bet that other local and state governments will be watching Richmond to see if businesses pull out — or profit. This 2009 chart from the Economic Policy Institute suggests the latter — that's why even Walmart is considering throwing its weight behind raising the federal minimum wage to $10.10 an hour — but as with all labor policy, there will be winners and losers. --Peter Weber
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