VIDEO DISH: Alec Baldwin asks Tom Cruise to take a $29-million pay cut! Katie Holmes laughs.

To help even out the discrepancy between what men and women make in Hollywood, Elle Women in Hollywood host Alec Baldwin has publicly asked Tom Cruise to take a $29-million pay cut. 

To watch the official Elle video of this amazing red carpet event, click here

Katie Holmes, seated in the audience to accept an award Sunday night, laughed at the joke, literally at her husband's expense. 

Cutting his own salary wouldn't help, Baldwin explained. "My annual salary is the budget for Altoids on one of Tom's movies," he offers. 

Watch Elle's full version of Alec's hosting duties

He'd also like to see someone do "Thelma and Louise 2" ...

"Why couldn't there be a sequel to 'Thelma and Louise'? Give me one good reason why," he asked, as the audience tittered. 

He even has the title. "Thelma and Louise 2: Turns Out We Can Fly."

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Video: Elizabeth Snead