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Bailing Out the Automakers
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Washington
Regarding the Dec. 21 Business story "Executive Pay":
Much outrage has been expressed about executive compensation, but it is clear from this article that it is unrealistic to expect to see any reduction in executive pay because it is set by executives and committees they appoint.
But there is a much easier way to reduce inflated pay packages. Congress could simply establish another marginal income tax rate, such as, say, 75 percent on compensation over $10 million. Congress could also mandate that all compensation, not just salaries, be taxed at this higher rate.
Taking this approach would be easier than expecting executives to change their behavior.
ALBERT G. JORDAN
Vienna
