The minimum wage reached its peak—when adjusted for inflation—in 1968 when it was raised from $1.40 to $1.60. That’s equal to $10.74 in 2013 dollars, or $3.49 per hour more than the current federal rate of $7.25. For comparison, someone working full time and earning the current federal minimum wage has an annual salary of $15,080. If the minimum wage had kept pace with inflation since 1968, that same person would be earning an annual salary of $22,339—a 48 percent raise. Although 21 states currently have a minimum wage set higher than the federal rate, the state with the highest rate—Washington—still falls more than a dollar shy of hitting the inflation-adjusted high of 1968.