The president yesterday was quoted saying "Now, what we’re doing, I want to be clear, we’re not trying to push financial reform because we begrudge success that's fairly earned. I mean, I do think at a certain point you've made enough money." (See video here)
I think $30,000 a year is enough. So as Governor of Colorado I will confiscate any income made over 30K. I will take that money and give it to the homeless, helpless, children, elderly, and whoever else needs it. Why would anyone need more than $30,000 a year? What would someone do with such extravagance?
If this was truly my position as Governor would you vote for me? Why not? The most probable answer is that 30K is not enough to live on. But that is exactly what the president has said yesterday but he failed to name the amount of money he considers enough. The president would more than likely use his favorite number of $250,000 a year per family. But in a free society no matter how much you make the concept of capping wealth should be rejected.
The reward for hard work and ingenuity should have no limit. The rewards of labor in a capitalist society are the engine that creates wealth for everyone. When you limit wealth, you limit hard work and ingenuity. It is also a moral issue. There is no right to other people’s hard work because some politician believes it is too much and is offering you a piece of the pie. The pie will quickly be gone. If you look at the people that have made the kind of money this president despises, and believe me he despises wealth for you, most have worked extremely hard or taken risks others would not. They also tend to be the engine for charitable giving. Just look at the Gate’s Foundation. I would rather have Bill Gates directing his charity than any politician.
So if you think that capping pay is a good idea because you think you will never make 200K, 300K, a million or a billion dollars a year or a lifetime, you should consider this; by limiting reward you crush incentive. And the people that make that kind of money will close up shop and go somewhere else in the world more inviting. Singapore comes to mind. And the $30,000 cap I mentioned above will look like a million because we will have created a massive economic depression in this country with wealth and jobs heading for better opportunities…