I think it would be better to tie it to a multiple of the minimum wage e.g ~3 or something like that. Then people would find it worth running for and they would be incentivised to increase the minimum wage.

But the problem isn't really their pay, IMO, it's what they can do with it. They can buy up shit, invest in companies they collude with to increase their yield, and basically build up their wealth. A #WealthTax would make it much more difficult to do so. They'd have to spend the money and re-inject it into the economy instead of hoarding it like a bunch of geriatric dragons.