To be fair, I don’t think capitalism, socialism, or communism puts value onto a human life unless it contributes in some way. It is the nature of the persuasion necessary that is deemed acceptable or more morally reliable than the other two that continues to contribute the nature of debate.
I think a socio-capitalist economy, which is what we essentially have, functions just fine as is with one minor flaw. Inflation. As resources become more rare, they become more expensive regardless of the minimum wage. Failing to raise minimum wage won’t stop inflation, and people bring unable to pay for the cost of living is a serious issue that need be addressed.
One solution is to raise minimum wage, which is not a long term solution and will eventually become a problem regardless of how high or how often the minimum is raised.
Another solution is to end the income tax, but even this is a temporary solution as well as, again, escalation will continue to persist.
I remain on the fence and dubious of either solution but it is definitely true that poverty is increasingly becoming a problem to the point that is unavoidable to ignore a temporary solution. And between the two options, the more temporary and less radical of the two solutions is actually raising the minimum wage.