There's also the point pg brought up in his most recent essay[1]: "To some extent this was an illusion. Much of the de facto pay of executives never showed up

There's also the point pg brought up in his most recent essay[1]: "To some extent this was an illusion. Much of the de facto pay of executives never showed up on their income tax returns, because it took the form of perks. The higher the rate of income tax, the more pressure there was to pay employees upstream of it." [1] http://paulgraham.com/re.html http://paulgraham.com/re.html