Even beyond that we should establish a Maximum Income and a Maximum Wealth caps
One million $ maximum annual income, 10 million $ maximum personal wealth
Societies that do not establish a minimum wage as well as a MAXIMUM INCOME are by definition societies that allow unrestricted inequality. I think a society like the US should establish a m.w. of around 30 000$ a year and a Maximum Income about 30X larger, say 1 million$ a year