How about capping everyone’s post-tax income, earned and otherwise, to say… I’ll throw out some arbitrary figure… $5 million? I mean, who really needs more than five million dollars per year? I mean, even figuring conservatively, you can bank a half million and leave your kids a nice nest egg after you croak following 40 years of hard work.
Why do people need to make millions upon millions of dollars? People like Oprah and Bill Gates do good for our world, but really, do they as individuals need all that money? How about throwing anything additional you make into a tax-deferred (or lower-rate) trust fund that you can use to fund combating AIDS, establishing your own Grameen Bank, and the like?
Why am I asking this? There has been some discussion on Capitol Hill about restricting the salaries of CEOs whose companies buy into the mass-bailout to $400,000. I think that the ceiling is too low. While I would like to see them have to limit themselves, living in a place like NYC makes it difficult it get by on such a relatively low salary… although I’m sure that they do have some significant savings to help pay the bills for an extended period.
You know what, I don’t care. $400,000 it is.