Corporate executives are already saying that raising the minimum wage will lead to the closing of stores. This is a self-fulfilling prophecy because the CEOs will close stores before cutting their own, exorbinant pay.
If we are going to address the issue of income inequality we can't just raise pay. Corporations must be prevented from raising prices and closing stores to make up the difference.
Any new laws concerning wage increases need to limit executive pay to a reasonable multiple of their lowest paid employee. This will not directly limit the pay for executives, but rather force them to pay their employees a reasonable amount when compared to their own pay.