MK Yachimovich proposes to cap pay at public companies, at 50x the lowest wage. Some reactions.
The dozens of parliamentarians who've spent years upon years pushing drab economic proposals through the House haven't made a fraction of the headlines that the former journalist has since she joined the Knesset. This week, Yachimovich made the front pages of the business press with her praiseworthy proposal to cap exec salaries at publicly traded companies in Israel, to 50 times the lowest wage that each specific company pays.
To her credit, any initiative that tackles the glaring income gaps in Israel is praiseworthy if only because it sparks public debate on time particular time bomb, which threatens not only the social fabric, but to turn Israel into a plutocracy: a nation controlled by the tycoons.
The headlines, including in TheMarker, did their work. Last week we received dozens of letters from readers awestruck by the idea. Here are the best of the ones we made up.
We think money should stay with people who have lots of it, preferably old-money families, not pass into the hands of a gang of ambitious overachievers. There are the masters and the vassals. Cordially, Itay
We have not ten not a hundred but a THOUSAND workers earning three or ten times the average wage. With us it isn't only the cream of the cream earning a fortune but tens of thousands of workers, most of whom are entirely pointless. Get'em girl! Yours, Pyotr
I was happy to read that money made from shares doesn't count, according to your proposal, only money from salary. I have to admit I didn't really understand how your bill would narrow income gaps. Even though I'm a billionaire, I had an idea that I've been proposing for decades: estate tax (tax inheritances) and increased tax on capital. I, by the way, will be donating my fortune to charity. Sincerely, Warren