Political Economics: President Signs Stimulus Bill to Cut Taxes and Cap Executive Pay - new Federal Maximum Wage Law in place to complement Minimum Wage Laws
Posted on: 01-Apr-2009
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This morning the president signed into law a new bill that simultaneously cuts taxes and permanently caps all executive pay. The cuts are expected to save American taxpayers trillions of dollars. House Financial Services Chairman Barney Frank (D, MA) argues, Compensation which incentivizes top decision makers to take risks, unduly adds to the risk of the system. Senator Olympia Snowe (R,ME) said, "The reality is we are in a very different world than even just six months ago."
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