dan price , founder of gravity payments , will slash his salary to $ 70,000 and raise the minimum wage for his 120 employees to $ 70,000 .
the move , in the next three years , will also require price to plow up to 80percent of his firm 's $ 2.2 million profits back into salaries .
he says he was inspired to make the bold step after reading that happiness increases dramatically for people earning over $ 70,000 .