Every business owner arguing that paying workers a living wage will dramatically affect their personal profits should be absolutely humiliated and ashamed to admit that all this time their profits came from paying people a poverty wage and are effectively finding excuses for slavery. If your business cannot earn enough to pay your employees a living wage and make a profit, then it is not a viable business.
A living wage should be considered a basic human right. No one should have to choose between food, medication or rent.
Too many businesses brag about their opulence while running the equivalent of sweatshops.
Taking away benefits from your workers is not okay.