Letter to the Editor: January 22, 2014

 

A few weeks ago, I wrote a letter in support of raising the minimum wage. I thought it might be helpful to compare minimum wage with CEO compensation as listed by Forbes Business magazine for 2012. Keep in mind that (for CEOs), these numbers do not include health care, pensions, company cars or personal use of the corporate jet. Also remember that a minimum wage worker makes $58 per day before taxes. 
The CEO of Target, Gregg Steinhafel, makes $28.62 million per year, or $110,077 per working day. 
The CEO of WalMart, Michael Duke, makes $23.15 million per year, or $89,038 per working day. Mr. Duke's pension is $113 million.
The CEO of McDonalds, James Skinner, makes $13.18 million per year, or $50,692 per working day. 
It should be noted that 90% of CEO compensation is stock options, taxed at a lower rate than salary. In addition, only the first $110,000 is taxed for Social Security. 
I am not suggesting that these men should make less; I am suggesting that their employees should make more. For those who choose to call this class warfare, I would point out that it's only called class war when the working class fights back.
John Deitering
Buffalo
Rate this article: 
No votes yet
Comment Here