I also oppose minimum wage hikes but not for the reasons OP specifies. I don’t have a problem with income inequality per se or large holders of capital, as long as inflation is controlled by responsible spending (looking at you, Biden) and all incomes are on steady growth trajectories and they almost always are. Large companies use the minimum wage which is not adjusted geographically for variable purchasing power—for example, a dollar buys much more in a southern state like Alabama or Mississippi than it does in New York or California where consumer goods and commodity prices are exploding all the time—to edge out their smaller rivals who can’t absorb the increased costs the way a mega corporation like Amazon can. Also, an employer in the former states consequently takes a much bigger hit if he has to pay his employees according to a federal minimum wage.