The principle of supply and demand applies to labor. Raising the minimum wage literally forces businesses to pay people more than their skills are worth. Past a certain level, it's political gimmickry and counterproductive.
Businesses don't simply absorb the cost with no downstream effects. Taxpayers end up paying for it one way or another.
-Businesses hire less/replace workers with technology. Young people starting out are especially hurt by this.
-Businesses increase the cost of their goods/services to compensate.
-Businesses maintain end user pricing and report lower profits, directly harming tax revenue.
-Businesses close/relocate due to insufficient return on the capital. Complete loss of jobs and tax revenue.
You can probably make a million dollars fast by building a touchscreen POS (point of sale) for fast food drivethrus that allows you to order and swipe your credit card from your car and licensing the system for $1500/month per location. No health care to provide, no payroll taxes to pay, never late to work, no turnover/training, no loss prevention issues, can get rid of at least one human employee. That's an easy sell that gets easier as the minimum wage goes up.