I agree 100%. When on salary you are buying a piece of my time in exchange for an agreed upon amount of compensation. For an employer to make the former variable but not the latter is B.S.
Also, the whole more than 40 hour per week expectation is nonsense. I am independent now and can do the same (or more) amount of work in 30-40 hours a week now. In fact, I worked ~500 fewer hours my first full year of being independent. Did I make a little less money? Sure, because I don't get paid time off anymore. And I also worked a lot less.