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RedDeerGuy1's avatar

What other professions have or would benefit from a salary cap?

Asked by RedDeerGuy1 (14557points) 1 week ago

Other than sports? What would be the pro’s and con’s of having one in different professions? Based on this earlier question.

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12 Answers

LadyMarissa's avatar

Any & possible all of the political positions!!!

JLeslie's avatar

I’d say you can probably argue a cap for all professions, but it would be high. Plus, would it be just salary? Or, total compensation package? You’d have to do more than just salary to really control it. It would have to include bonuses, stock options, benefit contributions, I’m sure I’m missing something. Maybe cap at $2 million, but I’m not sure.

You could look at each level of management I guess, not just the top levels. Reasonably, I think most professional $400k a year is more than enough for anyone. That is a huge amount of money in my opinion, I wish I made half of that. If I had my way I would like the majority of the US population to make between $50k and $150k

If you cap salaries will you be forcing companies to share back profits with employees? Lower prices? Pay taxes on profit?

@LadyMarissa Politicians don’t make extraordinarily high salaries.

LadyMarissa's avatar

@JLeslie They should work for FREE!!! Between speaking engagements & books, they make plenty without needing our tax dollars no matter how small!!!

JLeslie's avatar

@LadyMarissa Ok, well that’s not going to happen, but you’re entitled to your opinion. Not all politicians are independently wealthy.

Tropical_Willie's avatar

Pharma CEO’s and HealthCare CEO’s ! just saying ! ! ! !!

gorillapaws's avatar

I disagree with hard salary caps, but I do support progressive taxation, and I’m open to the idea of capping total executive compensation at some multiple of the median worker’s compensation at the company. In other words, if the CEO wants a raise/bonus all of her employees would need to get one as well.

ucme's avatar

Butler
Chef
Maid
Chauffeur

ragingloli's avatar

CEO’s, doctors, lawyers, pigs.

jca2's avatar

@LadyMarissa: Politicians can’t get paid for speaking engagements until they leave politics. Very few command anything from a speaking engagement (i.e. Clinton, Obama, etc.). The majority of politicians are small time, local making not a whole lot. Even here in NY, where salaries are high, state senators don’t make a ton of money. Maybe it’s a lot compared to someone in the mid-West, but for NY, it’s not a lot. Books? Former politicians write books, but again, it’s not until they leave office. If a politician were to work for free, as you suggest, only the rich could be politicians. On a local level, there are very middle class people that are politicians.

ragingloli's avatar

Also, soldiers.
They should get minimum wage at most, and pay rent for all their equipment, housing and sustenance.

Jaxk's avatar

Frankly I don’t understand why we would cap salaries to reduce the wealth gap rather than trying to lift those at the bottom but I’ll play along. How would you handle someone that writes a book? Generally they get paid by the number of copies sold. If they reach the cap, who gets the rest? The writer may have no employees to share the wealth. The publisher doesn’t deserve the windfall. The arts in general would all have this problem. If I paint a masterpiece, am I limited on how much it’s worth?

LostInParadise's avatar

As I pointed out in the previous question, Mondragon, based in Spain, is the world’s largest employee owned company. They have some interesting features. The members of the company’s Governing Council, roughly equivalent to a board of directors, are elected by the workers. The Council chooses the CEO. The workers vote on a cap for the ratio of highest to lowest salary, which is currently about 6.5, extremely compared to other companies. In all voting, each worker has one vote, regardless of salary.

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