We need to side step the need for wage regulation by giving the employees the ability to negotiate wages. This can be done with a universal basic income. We should also reform the tax systems to ensure that the tax plus social security system is smoothly and monotonically progressive to avoid the problem that increasing your gross income can reduce your net income as often happens in the UK.
Yes I agree, that is a systemic change instead of a fudge. I'd only want UBI if it's funded by LVT though as otherwise rent will simply absorb UBI funnelling yet more money to landlords and banks.
I'd get rid of income tax and replace with land value tax. Perhaps something at the extreme upper (> 200k) end but mostly I'd make rentiers pay.
