CEO Calls For A Return To Tax Fairness

In today's New York Times, Reed Hastings, the CEO of NetFlix, says don't cap executive salaries, rather, tax them at 50 percent like we used to do before Saint Ronald Reagan gutted our progressive tax structure:

Perhaps a starting place for “tax, not shame” would be creating a top federal marginal tax rate of 50 percent on all income above $1 million per year. Some will tell you that would reduce the incentive to earn but I don’t see that as likely. Besides, half of a giant compensation package is still pretty huge, and most of our motivation is the sheer challenge of the job anyway.

Wow! A corporate exec who really understands economic fairness, income inequality, and the need for progressive taxation. Make him Treasury Secretary!

Jim