I know that we have talked about raising the minimum wage but I don't recall one on the opposite end of the spectrum.
What do you think about the idea of setting a cap -- a maximum wage limit that could be earned per year?
Why we need a maximum wage
Ridiculous of course. I don't even think the liberals at Hollywood would back that one. Can you imagine telling a famous movie star or sports player that they are only allowed to earn say $15 million a year? I'm sure that would go over well.
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I love the idea honestly, but I'm sure it would never happen. It wouldn't have to be super low. Like the article says, it could be in the millions, certainly enough incentive to do some things over others...but I think it would be great to still have a cap.
But it seems so far fetched to me, i never even give it a thought.
ITA with Kim. I love the idea in theory but I don't see it working in this country. The fact that the top 1% of our population makes hundreds of times over what all the rest of us put together make, is appalling. And it's never because they run a really good business, it's because corporate greed puts profits before humanity and a living wage, and because corporate boards reward executives with insane bonuses for making target profit margins even when they accomplish it with dirty trickery or by cutting lower-tier employee wages & benefits. I think the greater benefit to a maximum wage would not be that it would limit the amount the people at the top could earn, but that it would increase the amount of profits available to boost the wages of the people in the lower tiers. There is absolutely no reason why our country has the rate of unemployment it does, or the poverty it does. It's just that the money is hoarded at the top rather than spread around better.
Back when the high-income personal tax rate was around 90%, you didn't see such income disparity. Executives made more than everyone else, of course, but only a couple of hundred times more, not thousands of times more. That's because the more they made, the more they had to pay in taxes, kind of like forced charity, and I don't think that's a bad thing at all. But then again, I'm much more of a socialist and a humanist than a capitalist.
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