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Reed Hastings offers up half his pay

February 6, 2009

No doubt about Netflix being a "disruptive innovator" in the home entertainment business. But CEO Reed Hastings definitely has ideas about innovation on a larger scale as well. 

In an op-ed piece in today's New York Times headlined "Please raise my taxes", Hastings proposes that President Obama should consider raising taxes on the country's biggest earners, rather than capping executive pay. Specifically, he invites the government to take half of all income above $1 million. "Half of a giant compensation package is still pretty huge, and most of our motivation is the sheer challenge of the job anyway,"
Hastings writes.

Remember, this man is an active philanthropist for education, has served as President of the California State Board of Education, and did a stint with the Peace Corps, teaching math in Swaziland.


Posted by Marcy Magiera on February 6, 2009 | Comments (5)


Industries: Retail


February 12, 2009
In response to: Reed Hastings offers up half his pay
Adrian Hickman commented:

So, how much does Reed make that he is afraid of a $1 Mil cap on executive earnings? And what does his philanthropic acts have to do with the rest of the story? I don't quite get the purpsoe of this editorial. Should we start the canonization process now? He is a geat sould who wants a monopoly on the video rental business.




February 13, 2009
In response to: Reed Hastings offers up half his pay
Orual commented:

Hastings isn't inviting the government to take half his salary. If that were the case, he could just write a check to the treasury. He's asking the government to take earnings from someone *else*. That's typical socialist "philanthropy". It's pure evil, and I'm not buying.




February 14, 2009
In response to: Reed Hastings offers up half his pay
Jay commented:

It is these types of suggestions from people like Reed Hastings, that made me lower my standards in creating wealth. For a long time, I wanted to be a billionaire, but decided to lower my dreams and shoot for being a multi-millionaire, because I cannot stand the socialist mentality that America is moving towards to.

I have been struggling since freakin' 1994 to grow a profitable business model; but because of lack of funds and support, I have not been able to generate the growth for my businesses.

One day I will make it, because I want some of the proceeds from my wealth to create two foundations in my parents name (my mom died of cancer and my father has Alzheimer's).

People do not see the long journey, that folks take to create their wealth. They just sit back and criticize because the do not want to take the journey themselves. I refuse to create billions of dollars and then have the government take it from me, because other folks were to freakin' lazy to do the job themselves!

Had to be said, had to!




March 10, 2009
In response to: Reed Hastings offers up half his pay
Alan commented:

I am tired of Reed Hasting who imagine himself is a hero in the movie rental business, tired of his B.S. and PR Games. The man is evil.




March 11, 2009
In response to: Reed Hastings offers up half his pay
Mickey commented:

Reed speaks the truth and his heart is in the right place. What he's saying is that true achievers, such as himself, are not motivated by money but by their accomplishments. They will do what they do regardless of whether there is further monetary gain. After a certain point it is just a game. Warren Buffett has been saying for years that the rich are not taxed at a high enough level. Buffett has pointed out the unfairness of a janitor's earnings, the result of actually working, being taxed at a higher rate than the money earned via the capital gains of the wealthy (and, of course, this money is additionally not subject to FICA and Medicare taxation). The highest marginal tax rate is only 35%, a fraction of the highest marginal tax rate of 91%, and the wealthy still complain that they pay too much in taxes. They are going to complain anyways, so we might as well set rates at a high enough level to cover the nation's expenses.





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