The original point stands if corporations don’t forgo their profits. It results in cutting jobs and increased costs of essential goods and services. Corporations have gotten too big to solve inequality with simple wage hike mandates. Just look how they control grocery prices, for example.
We need to tax the fuck out of them and use the funds to socialize necessities like healthcare.
That’s true for income tax on revenue, but increasing taxes on stock payouts, denying corporate deductions for $1M+ salaries, and increasing tax on stock buybacks are ways to reduce disproportionate pay.
It was part of Biden’s tax plan that I hope Harris will instate next year if she wins.
This is like the size of one Chapter One of Vol. 1, Das Kapital... it still kicks ass and gets to the point on wages!
tl;dr on main point: Chapter 2
Chapter 2 talks mainly on this issue... Marx replies that when wages increase, at worst, prices in mostly non-essential sectors may increase, but prices for necessities like groceries stay, because as much as the capitalists in that sector may want to raise prices, there's a lot more new money to be used and spent on necessities, by the wage laborers
Thus, the non-essential sectors won't gain that much profit and inevitably would have to level out with the capitalist's prices of necessities in that sector to a more reasonable price...