In the first year of President Donald Trump’s second term, the power of the extremely wealthy over public policy has never been more evident. As Sen. Bernie Sanders (I-Vt.) has asserted, ​“Trump has… said it loudly and clearly: we are a government of billionaires.” The troubling extent to which we are ruled by the rich is hardly debatable. The real question is: what can we do about it?

One solution that has been proposed in the past is implementing a ​“maximum wage.” Such a cap would limit the amount any individual can earn over a given period.

There are a couple different ways that this limit could be accomplished. One way would be to use tax policy: We could simply levy a 100% tax rate on income over a particular level. President Franklin Delano Roosevelt proposed such a measure during his administration in the 1940s.

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