The Living Wage For All Act aims to establish a living wage for all workers, ensuring that the federal minimum wage aligns with the national median wage. The legislation proposes a phased increase in the minimum wage to at least $25 per hour by 2031, while also eliminating subminimum wages, particularly for tipped employees. It emphasizes that large, profitable corporations should lead this transition due to their greater capacity to pay higher wages. Key provisions include a structured increase in the minimum wage based on employer size.