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Let’s Set a Maximum Wage for the Rich | The Tyee
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this post was submitted on 26 Feb 2024
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Setting a maximum wage for them wouldn't do a damn thing. They'll just use the wealth they already have to hoover up more through things like insider trading or flat out stealing company money.
Adding a maximum wage for the rich would be like trying to drain the ocean using a toy bucket.
In an ideal world anyone making more than, let's say for an example, $1 million in a year would pay 100% tax on anything more.
No one needs more than $1,000,000 a year for anything. No one works hard enough to actually deserve that. It's just pure luck and/or screwing over other people to get more than that.
Unfortunately if one country implements that, all the rich people leave and go live somewhere else that doesn't tax that much.
On paper they don't make anything a year and pay less tax than you or I. The only way that's going to change is a massive world-wide effort to crack down on tax havens and to start taxing their assets fully.
The author in the article talks about how most of the wealth is either coming from capital gains and/or inheritance. They know wage isn't the thing to cap, the article is likely just trying to maximize clicks. The subject is still worth exploring and the author is very well informed.
That or they just don't set their residency in Canada. Rich people can choose to move and reside anywhere they want
The only greener pastures for the rich would be moving to their southern neighbor since it's probably the safest place for the rich currently. Not many options if they don't wanna be screwed.