Don't try your luck too far...
So, you think your boss is bad ? If you think you deserved higher pay, go start digging your trenches elsewhere. With the current economic conditions, most businesses are struggling to stay afloat and under tremendous stress. So, don't stretch your boss limits too far, you may end up being the copycat version of Inga and Martynas ! On hindsight, why commit murder ? If the business is not doing well, just shut it down, and look out for other business ventures. Probably all parties will end up happier - The boss with less burden, and the employee can seek higher salaries elsewhere.
The Boss don't owe the employee a living. And, the employee don't owe the Boss a living. It's all about business decisions. No violences and no bad feelings ! Right ?