Congressman Martin Olav Sabo of Minneapolis authored the Income Equity Act that would deny companies a tax deduction for excessive executive compensation, that is, the portion of the CEO's salary that is more than 25 times the salary of the lowest-paid full-time company employee. If starting pay for the lowliest file clerk is $18,000, then the CEO's salary in excess of $450,000 is not deductible as a business expense. The act has been kept bottled up in the House Ways and Means Committee...
That's a quote from p. 170 of Homegrown Democrat: A Few Plain Thoughts From the Heart of America by Garrison Keillor. I read it during our get-away trip to the UP. Get yourself a copy or ask to borrow mine.
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