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mattsmith48
July 23rd, 2017, 09:16 AM
With all the talk around here recently about basic income and minimum wage, it's a perfect time to bring this other concept. Maximum wage, a limit on what an individual can legally earn, eliminating the waste of resources and money at the top and use those on the people at the bottom. Any thoughts on this?

nebula
July 23rd, 2017, 09:43 AM
Definitely agreeing on it. The gap between the rich and poor has done nothing but expand in the coming years. It would be helpful to help those in severe poverty be able to get out there, get educated and get a job.

Periphery
July 23rd, 2017, 09:50 AM
Simply put, no. What that does is punish those who actually worked hard to earn their money. Yes I am very much aware that there are others who did not work hard, but what you are saying is that you also want to cut the income of the people like Elon Musk, who use their money for a good cause. It won't actually help the lower class get out of poverty by just getting the maximum wage there. How are you planning on using it for them? somekindofsick mattsmith48

DriveAlive
July 23rd, 2017, 10:14 AM
One of my personal idols is Carl Icahn. He is a billionaire activist investor. He also is an economic regulations adviser to the Trump administration. He makes his money by targeting companies that he believes are poorly managed and then buying a large enough percentage of their stock that he can get a board seat or influence the company to change its structure to make its stock more valuable. He is commonly called a corporate raider. One of the things he looks for as a sign of a mismanaged company is an overpaid CEO. He believes that executive pay is way too high in the United States and he does something about it.

mattsmith48
July 23rd, 2017, 10:22 AM
Simply put, no. What that does is punish those who actually worked hard to earn their money. Yes I am very much aware that there are others who did not work hard, but what you are saying is that you also want to cut the income of the people like Elon Musk, who use their money for a good cause. It won't actually help the lower class get out of poverty by just getting the maximum wage there. How are you planning on using it for them? somekindofsick mattsmith48

That extra money rich people earn would be taxed between 90 and 100% and given back to the poor.

Bull
July 23rd, 2017, 10:26 AM
I agree that there are billionaires who refuse to "feed the greed" and that is a good thing. This is where labor and management need to be at work. Too much of management, and that includes shareholders, is consumed with feed the greed mentality. One way to accomplish feed the greed is cut labor costs: low pay and/or cheap foreign labor. This type of management is not much different than plantation slave owners. Shame!

DriveAlive
July 23rd, 2017, 10:26 AM
That extra money rich people earn would be taxed between 90 and 100% and given back to the poor.

Then why would they ever want to earn anything?

Vlerchan
July 23rd, 2017, 10:27 AM
Winners:
Tax Accounts,
Financial Securities Lawyers.

Losers:
The Legislative Process.

Flapjack
July 23rd, 2017, 11:11 AM
No I don't believe in this, I am all for increasing taxes on the rich but there should be no limit to what a person could be paid. Also the richest are often the business owners and inverters so a maximum wage wouldn't effect them much. Instead it would limit how well we compete with other countries for the best executives and lawyers etc etc as a company in France or the USA could offer them say 5M a year whereas British companies will be limited to a maximum wage of 1M a year or however low you set it.

Also a company would not spend this money on the people at the bottom as they don't have to.

I think the main reason I am against this tbh is the hope that one day I'll be the guy with the crazy huge salary everyone hates so it would be hypocritical for me to support this now. I have no hatred for people earning loads, I am happy for them and they are not personally responsible for the poverty.

mattsmith48
July 23rd, 2017, 11:11 AM
Then why would they ever want to earn anything?

The Maximum wouldn't be $20 an hour, they would still be able to make a lot of money.

I think the main reason I am against this tbh is the hope that one day I'll be the guy with the crazy huge salary everyone hates so it would be hypocritical for me to support this now. I have no hatred for people earning loads, I am happy for them and they are not personally responsible for the poverty.

This is the same reasoning than someone saying you are against raising taxes just in case one day you become rich.

I have nothing against people making too much money as long they pay there fair share of taxes, and are not on a sports team i cheer for. What I have a problem with is people making too much money and not spending it, just leaving it in their bank account, never touching it and spending it.

nebula
July 23rd, 2017, 11:15 AM
but what you are saying is that you also want to cut the income of the people like Elon Musk, who use their money for a good cause.

It's all fine and well using it for charity etc, but what about the millions of people out there now dying without food and shelter? Sure, donate to a homeless charity, but charities rarely use 100% of their donations these days. If we're targeting homeless people or the extremely impoverished in general, for instance, it would be going towards facilities specific to them: think rehab if they have an addiction, medication or hospitalisation if they're disabled or mentally unwell, since over 80% of homeless show signs of mental health issues. It could also fund the training they may need for jobs so they can start earning money and getting off of the streets.
mattsmith48 what's your opinion on this?

Porpoise101
July 23rd, 2017, 11:20 AM
This seems to be a joke man... seriously why wouldn't rich people leave or find loopholes? There was a guy in France who wanted to do this, his name was Melenchon. I read his manifesto once and I couldn't stop from laughing...

Anyways, how would you determine the maximum wage in the first place? Give me a rock solid methodology to find out how much is too much and maybe I will consider it.

Vlerchan
July 23rd, 2017, 11:26 AM
The Maximum would be $20 an hour, they would still be able to make a lot of money.
My entire office has just emigrated.

Periphery
July 23rd, 2017, 11:27 AM
It's all fine and well using it for charity etc, but what about the millions of people out there now dying without food and shelter? Sure, donate to a homeless charity, but charities rarely use 100% of their donations these days. If we're targeting homeless people or the extremely impoverished in general, for instance, it would be going towards facilities specific to them: think rehab if they have an addiction, medication or hospitalisation if they're disabled or mentally unwell, since over 80% of homeless show signs of mental health issues. It could also fund the training they may need for jobs so they can start earning money and getting off of the streets.
mattsmith48 what's your opinion on this?

What this would do it limit the amount of money one can earn, punishing people for working for their money. There are plenty of other ways to support the poor. Stealing someone else's money is not a solution as you have no idea where that money will go. The millions of people should not be funded by people who worked hard. What this maximum wage is doing is actually theft, but I doubt any of you would want to admit that (if we would tax the poor more there would be an outrage calling the rich thieves but whatever). Do you honestly believe that if the government would do this they would use the money to help the homeless? What will most likely happen is that the socialists run away with this money. You can not take the money from the rich and just give it away. It simply does not work to decrease poverty as there are more factors to it than just money. You can get them off the streets yes but the best they will have it a low payed job that won't get them anywhere since they most likely lack the education to achieve anything. The problem here is not the money, but the education. Instead of stealing money left and right just because of the jealousy middle and low class socialist have for the rich who actually worked to get there, maybe start educating coming generations more and get them out of the spiral. Once those people you got off the streets have children it'll be too expensive to support them and next thing you know they have too many debts.

DriveAlive
July 23rd, 2017, 11:31 AM
For those that support the maximum wage as a way of income redistribution to help the poor, you all seem to have a strong belief in the honesty and caring of the government to help use its tax revenue responsibly to help the poorest members in society.

mattsmith48
July 23rd, 2017, 11:44 AM
My entire office has just emigrated.

Sorry I meant wouldn't lol

ShineintheDark
July 23rd, 2017, 12:58 PM
I support maximum wage as a certain multiple of the lowest earner's wage as it jkeeps value of work proportional throughout and stops people from earning extortuionate amounts compared to others. You want to earn millions? Better pay the lowest worker well for their work.

PlasmaHam
July 23rd, 2017, 01:35 PM
I hope my massive distaste for such an idea has already been made clear. Bram and Vlerchan has done pretty well in defending my positions in this.

I see no logical reasoning that a maximum wage would help the economy, in reality I see far more ways it could hurt the economy severely. Society would be far worse off if we didn't have these multi-millionaire/billionaire investors that y'all seem to want to demolish. For all y'all green energy nuts, where would you think Tesla would be if Elon Musk hasn't invested millions and millions of his own dollars into it? Tesla would have probably died out during the Great Reccession, and thus green energy research and development would be at a major lost.

There are hundreds if not thousands of other examples of people using their great personal fortunes to invest in endeavors that helped not just hundreds of direct employees but society and the world at whole. Never mind the millions and billions of dollars donated to charity organizations over the years by the uber-rich. To abolish such would be of huge detriment to all peoples, poor and rich.

DriveAlive
July 23rd, 2017, 04:36 PM
I support maximum wage as a certain multiple of the lowest earner's wage as it jkeeps value of work proportional throughout and stops people from earning extortuionate amounts compared to others. You want to earn millions? Better pay the lowest worker well for their work.

Why? The lowest worker and the highest worker are not doing comparable work.

One company might pay their CEO extremely well in order to attract the absolute best talent. This company might have great growth under this CEO and, therefore, be able to hire more low-level workers at better wages. Another company might pay an idiot CEO extremely well. This company might have huge losses and be forced out of business. Clearly, it is not the amount you are paying to the top, but rather to whom you are paying and why. It is not the role of the government to tell companies how they should spend their money.