tag:blogger.com,1999:blog-7018073541417646773.post2875428854185976817..comments2024-03-28T18:11:29.865-04:00Comments on UNDERNEWS: British Labor Party leader argues for maximum wageUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7018073541417646773.post-19619164691788359302017-01-21T19:33:05.569-05:002017-01-21T19:33:05.569-05:00This is a debate that is being revisited or renewe...This is a debate that is being revisited or renewed for good reason as the original reforms from FDR's time had been neutered successfully and the problems they addressed predictably arose again. What the economic libertarians cannot explain is how and why the relatively strong economy of the 1950s occurred at a time of high taxation on the upper brackets, high corporate taxes, and strong regulation on monopolies.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7018073541417646773.post-37507361864597581182017-01-21T11:05:13.706-05:002017-01-21T11:05:13.706-05:00While this idea has considerable merit, the implie...While this idea has considerable merit, the implied result, on paper, would likely have a significantly different outcome, in practice. <br /><br />I do not know how monies are regulated and taxed in England but in America our wealthiest people may not have any "wage" at all. Most of them make their exorbitant incomes from capitol gains, investment portfolios and so-called "merit based" bonuses, fees and commissions which according to the US Tax Code is not classified as a "wage" and in some cases is not even considered an "income". (Perhaps you remember when, for example, in 2010–11 Oracle's founder and CEO Larry Ellison made only $1 in salary, but earned over $77 million in other forms of compensation.)<br /><br />Without significant changes in what our code designates as "income" the ultimate result of this sort of legislation, at least in America, would be to place a ceiling on access to monies earned by "workers" while in no way addressing the truly out of control funneling of wealth towards the wealthiest owners, hedge fund managers and financiers that are currently bankrupting our society. Anonymousnoreply@blogger.com