Posted 12 years ago on Oct. 7, 2011, 7:19 p.m. EST by murraydigsit
from Annapolis, MD
This content is user submitted and not an official statement
The 40X rule.
Hurray for the brave women and men who are taking a stand against the outrageous corporate greed that is destroying our country.
Here is a modest proposal for a simple law that will provide a dramatic step towards the goal of achieving greater economic equity in our land. Rather than simply tax the wealthy, we should require that companies distribute more equitably the profits that they make. The chief executive officer of the Federal government—the President—does not earn more than 40 times what the lowest paid, Grade 1 step 1, government worker makes.
Let’s take that pay scale as a model for corporations and require that no company pay its top earners more than 40 times what the lowest wage earner makes. If the CEO of GreedCo wants to make $10 million a year, then the lowest paid worker at GreedCo must be paid at least $250,000.
The 40X rule, of course, does not obviate the need to tax the unproductive scions of inherited wealth.