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PostCEO Income: What Would Jesus Do? (Tor Guimaraes, USA, 06/15/18 5:25 am)
Richard Hancock stated on June 14th that I favor "higher taxes to cut down on the incomes of CEOs." And he asked, "Can this be accomplished without slowing economic growth to an extent that our economy will slow, making it impossible to raise the income of poor people?"
This question is ideologically problematic. The main point is obscene disparity in income distribution, not higher taxes which is only one way to even the score. The way good capitalist economic growth happens comes from entrepreneurship, which only hires workers to produce something which can be sold at a profit only to people with money to buy. If the greedy people take all the income for themselves, demand for new products will shrink and economic growth will stall. That is the truth, regardless if CEOs make $1 million or $100 million. And don't forget, when America was at its greatest (a chicken in every pot, a car in every garage) the tax rates were the highest ever.
From another perspective, if my salary is $10 million and my workers make poverty salaries, Jesus would raise hell, justifiably. If I manipulate the Board of Directors to raise my salary to $50 million, I will accumulate so much wealth only useful to buy elections, spoil my kids, and other mischief. Jesus would not like that either.
The important point to focus on is the obscene income differential. Why should anyone make 500-800 times more income than another worker whose family is in poverty? That has never been the American way. That is the banana republic way. Even the robber baron JP Morgan stated that 20 times worker's salaries is sufficient reward for the more talented/productive people. Earlier the magic number was 6 times, I believe. Check it out.
JE comments: I added the Jesus reference in the subject line. Hope it doesn't sound too flippant, but then again, CEOs aren't known for storing their treasures in Heaven.