(CNN)– It is a new year with new laws on the books. Dozens of federal and state statues and directives take effect on Wednesday, Jan. 1, 2025, impacting millions of people. One allows some seniors to pay less for medication. Medicare out-of-pocket prescription costs are now capped at $2,000 a year. The minimum wage is higher in more than 20 states starting on Wednesday. And it is rising to $17.75 an hour for federal contractors. Kentucky is legalizing cannabis for people with certain health conditions. Categories: News Tags: Medicare, U.S. economy