But that means more people have a chance to get wealthy (provided taxes aren't raised to match). Why pay people more and have more wealthy people when you can pay less and have all the money?
Because all those CEOs will never think further than the next ten minutes. In short term that means only less money for them since for any extra unit of money they give to their worker it is not garantied they buy something from the own company. They only ever see what money they don't get right now, and not what they could get potentially in long term.