Minimum wage should be indexed to the maximum wage.
Probably to the average of the top quartile. Ranked by state. My state has an income tax, so the data is already out there.
Private sector raises top wages, the government makes them raise the minimum wage of their workers. Low to average wage workers are the economic engines of the community, not international hoarders.
Mega wealthy might move overseas? So they wouldn't be interfering in local politics? Don't threaten me with a good time.