Setting the Maximum Wage
Raising the minimum wage often leads to unintended consequences, particularly for small and local businesses, which may struggle to absorb the additional overhead costs, including employee wages, taxes, and other operating expenses. While supporting workers’ livelihoods is critical, a more balanced approach would be to set a maximum wage to address income inequality without burdening small businesses.
A maximum wage would limit the compensation of CEOs and top executives at large corporations, preventing excessive salaries and bonuses that far exceed what is necessary for their roles. If an executive’s compensation exceeds the established maximum wage threshold, the excess amount would be redistributed to taxpayers as a tax refund (e.g. 100M annual cap/year). This ensures that the wealth generated by corporations through inflated executive salaries is returned to the broader economy.
This policy aims to create a more equitable distribution of wealth while protecting the financial stability of small businesses, promoting a fairer economic system for all.