My Dad, who was a well-paid lawyer always made the same point. At a point in time when it was much less "galling" than now. He argued that no one's work is worth a million dollars a day/week/month. . . And the United States should have confiscatory income tax of income over a certain amount. (Which would essentially make it pointless to pay someone $75 million). No one should make that much money, because their labor is not worth that. We have minimum wages because we believe (or we used to believe) that everyone's labor is worth some minimum amount. . .it is not supposed to represent subsistence, but it is supposed to be a social statement about the minimal worth of someone's labor. . . And I agree, capitalism sucks. I recently watched "Love and Anarchy" and I highly recommend. :-)
My Dad, who was a well-paid lawyer always made the same point. At a point in time when it was much less "galling" than now. He argued that no one's work is worth a million dollars a day/week/month. . . And the United States should have confiscatory income tax of income over a certain amount. (Which would essentially make it pointless to pay someone $75 million). No one should make that much money, because their labor is not worth that. We have minimum wages because we believe (or we used to believe) that everyone's labor is worth some minimum amount. . .it is not supposed to represent subsistence, but it is supposed to be a social statement about the minimal worth of someone's labor. . . And I agree, capitalism sucks. I recently watched "Love and Anarchy" and I highly recommend. :-)