Bravo to Jim Wellehan for addressing the outrageous pay difference between large-corporation CEOs and lower-paid hourly workers (“Maine Voices: Excessive CEO pay is more than unfair – it’s harmful to the economy,” Aug. 23).
His comments are right on. When I have a proxy statement to vote, I always vote against the executive compensation.
The problem is that all the big corporations are competing to attract and hold the very best individuals for their top positions, and thus they have bid the compensation packages up to high levels that unfortunately have little effect on their bottom lines. That’s because their revenues and expenses are so large that the compensation is a minuscule fraction. It’s a vicious circle.
I’m not holding my breath for Congress to implement high tax rates above a certain level and eliminate the deductibility of such compensation. Even if they did, while it would seem nice, the high tax on compensation above a certain level might well stimulate even higher salaries.
As a Republican, I’m not happy about government interference, and I wish I could come up with an acceptable way to correct the situation.
John Parker
Falmouth
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