Go find what you are worth on the open market by applying elsewhere...
Get a job offer and if you still want to remain with the company you are with show the offer to your boss and let him know that you want to stay and that you think you deserve as much as the offer that you received was worth. Can't really argue with hard facts.
That way, if you are given the ultimatum to work for what salary they initially offered you, then you can always leave the for the new job.
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