If elected, Hillary Clinton should fulfill a pledge of her husband's that fell through when he got to the White House: Bar companies from taking tax deductions on executive pay above $1 million. If elected, Hillary Clinton should fulfill a pledge of her husband's that fell through when he got to the White House: Bar companies from taking tax deductions on executive pay above $1 million.
Thomas Piketty attributes rising inequality in the U.S. primarily to huge increases in the salaries of CEOs and other top executives, but he misinterprets the evidence. Rising salaries of top executives actually explain very little of the rise in inequality, and they depressed other employees’ pay by only a negligible amount.
Switzerland just had a referendum in which it voted to give company and bank shareholders veto rights over the salaries, bonuses and overall compensation packages of senior executives and board directors.
Twenty-six of the nation’s largest corporations paid their CEOs more than they spent on taxes in 2011, according to a report by the Institute for Policy Studies.
With Labor Day approaching, it must not go unnoticed that Angelo Mozilo, chief executive of Countrywide Financial -- the company that has helped drive world markets into turmoil with its lending -- raked in $42.9 million last year. The Nobel laureate Harold Varmus, chief executive of the Memorial Sloan-Kettering Cancer Center, was paid $2.5 million.