Instead of business owners making the only sacrifice by raising the minimum wage, how about we ask the government to sacrifice?
Give a business owner the choice of:
A. Pay federal taxes in full.
B. Pay a lower global competitive rate (10 percent) and split the rest equally with all of its employees.
Dollar for dollar equally from top to bottom. No nonsense.
In the company I work for, that would be around $4,500 for each of the 120,000 employees. (Amazing how much it is when you simplify it to the employee level).
Just for good measure, I'll throw in a provision that lets the government increase the deficit for two years if the net effect of revenue decreases, but my money says the government won't need to exercise it.
Oops, just realized I left out all public sector employees. They get to apply the formula for every dollar they reduce their annual budget.