Sunday School: Maximum Wage
How much is enough?
Does anyone think Steve Jobs would have stopped making Apple gizmos just because he was billionaire? Would Warren Buffet stop selling insurance if his tax rate was 100%? Would Mark Zuckerberg stop selling Facebook ads and logging everyone’s personal data for the NSA?
No, of course not.
The idea of a maximum wage, or wage ceiling, is not quite as common as the minimum wage, but it is potentially just as beneficial.
A maximum wage could come via a mandate like the minimum wage or it could come via a 100% marginal income tax rate over a certain income. Either way, it would help to redistribute income more fairly in society.
The benefits would be just the same as raising the tax rate, but the downsides trumpeted by the kooks have been grossly exaggerated. There would be no reduction in entrepreneurial activity, only increases from those now sharing in the new capital redistribution.
It is time for the capitalists to stop hoarding the wealth they gained (often via government partnerships/policies to begin with) and the government should fix the problem.