Seems to me it’s at least as important to have a maximum wage.
Rob Grigjanissays
John @1: Because living is at least as important as luxury? Sure, in the sense that having enough to eat is at least as important as having too much to eat.
Rob Grigjanissays
John, sorry. I had a knee jerk reaction before comprehension set in.
sonofrojblakesays
While I do understand the point in (1), and agree with the sentiment, there’s an obvious difficulty in that one can, with sufficient will, actually enforce a minimum wage. Enforcing a maximum wage would be difficult to impossible, especially given that as income goes up, by definition disposable income available to spend on creative accountants goes up.
flexsays
Enforcing a maximum wage would be difficult to impossible,….
Well, we did it for about 40 years with a 90% top marginal income tax bracket.
The beauty of using a high top marginal rate is that the citizen decides to limit their income to below the top marginal rate to avoid giving money to the government. It’s largely self-enforcing. And income, rather than wealth, is a lot easier to track (or find if there is an attempt to hide it).
Hm.
Seems to me it’s at least as important to have a maximum wage.
John @1: Because living is at least as important as luxury? Sure, in the sense that having enough to eat is at least as important as having too much to eat.
John, sorry. I had a knee jerk reaction before comprehension set in.
While I do understand the point in (1), and agree with the sentiment, there’s an obvious difficulty in that one can, with sufficient will, actually enforce a minimum wage. Enforcing a maximum wage would be difficult to impossible, especially given that as income goes up, by definition disposable income available to spend on creative accountants goes up.
Well, we did it for about 40 years with a 90% top marginal income tax bracket.
The beauty of using a high top marginal rate is that the citizen decides to limit their income to below the top marginal rate to avoid giving money to the government. It’s largely self-enforcing. And income, rather than wealth, is a lot easier to track (or find if there is an attempt to hide it).