Well, that's one point of view, but I disagree. Subsidizing the wealth of ultra-rich people...and then trying to recoup it by increasing their taxes seems much more inefficient.
At best, raising the minimum wage results in a transfer of wealth from middle class people to poor people. Rich people don't spend any significant part of their money on the products of minimum wage labour.
At worst, it would result in unemployment and recession.
Not to mention much easier to remove with some strategic campaign donations.