My question is I think cut and dried, but I don't know for sure. I am on salary, have been for 14 yrs. With this company. I have maybe missed 10 days in that time. I work extra days hours etc. and don't get paid additional for that. So, with the economy as such, the owner of my small company told me I would be required to take off some days without pay. Is that legal? If so is he required to pay me overtime for anything over the normal hrs. worked?

Yes, it's legal. Consider it a layoff. He is not required to pay you overtime for anything over the normal hours worked. You can collect unemployment for the time you're out of work and without pay. However, you may have to be out of work for a certain amount of time before being eligible for unemployment compensation. Depending on how much time you'll be off work, you may or may not be eligible for benefits.

So only if it is a day at a time. He can choose to not pay me, but I am expected to work as many hrs. as he says? So why even have salary jobs. Seems a win/win deal for the employer.