Close, but I don't think that quite accounts for the whole story. For instance, if minimum wage is raised, it depends on how much it's raised by to determine w

Close, but I don't think that quite accounts for the whole story. For instance, if minimum wage is raised, it depends on how much it's raised by to determine what % of workers will have increased wages. If we took it up to (purely as an example) $15/hr, then everybody earning less than that would also see a pay raise, but would not be included in the 1%. I don't know where you got your previously cited statistics, so I can't exactly run the numbers to see the impact, but I imagine it could be a sizable effect.