this post was submitted on 20 Oct 2025
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With wealth inequality and billionaire control over American society growing ever more obscene, it’s well past time to implement a maximum wage limit.

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[–] GuyLivingHere@lemmy.ca 2 points 1 month ago (1 children)

So:

A loan of $1 m is given to Mr. Richbitch McDouchebag based on owning $1 m worth of stock.

Eventually that loan has to be paid off.

When McDouchebag sells off some stock to pay the loan, the amount paid presumably enters a bank account, either in their name or in the name of a numbered company they control, yes?

That's income. Apply tax to it before they pay off the loan. In Canada, the top marginal tax rate is 33%, so $330k minus the other marginal tax amounts for the lower brackets would be applied before this money can go to pay off a portion of that $1 million loaned.

It's either this, or we rip up the income tax act alongside finding a different revenue stream for the government.

I'm for whatever we can get on board with most people, because I am pretty sure most of us who aren't accountants hate filing income taxes.

If we instead got most of our money from other things that the government sold, then (a) big companies couldn't use the same accounting tricks to hide income, as we would no longer be taxing those precious profits of theirs (b) the rest of us wouldn't have to go through tax pain every April.

I realize that for some people, they get things like tax credits for a bunch of things like home renos, etc.

Perhaps under a no income tax system, the incentive to do these activities that reduced their income tax would have to be changed to something more tangible, like a guaranteed lower rate on utilities or something. I dunno.

[–] Soleos@lemmy.world 2 points 1 month ago (2 children)

I'm sorry, either I'm dense or your explanation is confusing. How is what you described different from the capital gains tax?

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[–] paraplu@piefed.social 2 points 1 month ago (3 children)

I agree with the sentiment, but it's worth noting that the current excesses of CEO compensation through stock incentives are a response to a poorly implemented attempt to curb high CEO salaries.

We do need to reign in CEO compensation, but directly going after wages made the problem worse. I don't see the article addressing this, but a Clinton-era policy aimed to curb excessive CEO wages. IIRC the ratio of CEO pay to lowest paid worker within the same company was as bad as 30:1 at the time, but has since ballooned to hundreds: 1.

Maybe something as simple as capping stock incentives at N% of total compensation could work. But we'd need to make sure we're not just encouraging a new way to skirt around the legislation like last time.

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[–] BigMacHole@sopuli.xyz 2 points 1 month ago

This article is TERRORISM (according to Trump's Republican Administration!)! If you would like to NOT be Terrorists please SHOOT UP A CHURCH IN A MAGA HAT instead!

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