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Data shows this not to be the case. Minimum wage increases cause some degree of inflation, yes, but it's overall an improvement for the poor.The major flaw in that argument is that mandating higher pay causes the price of all goods and services to increase (aka inflation) which hurts those with lower incomes more.
Subsidizing some of the lowest wage workers (generally limited to those with minor dependents) using tax revenue shifts that burden to those who pay the bulk of the taxes (aka not those with lower incomes).
Also flying in the face of the data. The trend is the opposite of what you claim, on every front. The rich are getting richer, and the poor are getting poorer.