Tax cuts offer opportunity to raise minimum wage
That is not the only reason for a raise, though. Raising the minimum wage has a number of positive impacts in addition to improving workers' lives (though it will achieve that laudable goal too).
First, it will decrease the number of Americans who are working poor and, as a result, reduce the number of Americans who need government assistance programs, like the Supplemental Nutrition Assistance Program. Next, raising the minimum wage will increase the amount of money spent on goods and services, which drives the economy.
Finally, raising the minimum wage provides a level playing field for all competitors. Without it, a company that wants to raise its hourly wage may decide against it out of fear that less scrupulous competitors will not follow suit, undercutting them in price. If all competitors must pay a similar base price for labor, then the company that wins is the one that produces the best product.
While we are on the subject of businesses and labor costs, we should take the advice that the late Subway CEO Fred DeLuca gave on CNBC in 2014 and index future changes in the minimum wage to inflation, "that way everybody knows what they can count on." Both employers and employees can plan for the future.
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https://www.dallasnews.com/opinion/commentary/2017/12/29/tax-cuts-offer-opportunity-raise-minimum-wage