How Bernie Sanders would give power to workers in their companies




  • In Politics
  • 2019-10-14 15:57:58Z
  • By Politico
 

Bernie Sanders unveiled a multi-pronged plan Monday aimed at giving more power to workers in their companies, ending corporate greed, breaking up monopolies and increasing taxes on big businesses.

"For more than 40 years, the largest and most profitable corporations in America have rigged the tax code and our economy to redistribute wealth and income to the richest and most powerful people in this country," the Vermont senator said in a statement. "The American people are saying enough is enough."

Sanders put out the proposal as he was off the campaign trail recovering from a heart attack. He participated in a union-sponsored candidate forum Sunday via video, and said he will attend Tuesday's Democratic debate.


What would the plan do?

Sanders wants to provide workers with an ownership stake in their businesses: Under his proposal, employees at large companies would be given 20 percent of the shares. They would also have control of 45 percent of the seats on the board of directors at corporations.

Sanders' agenda would also raise the corporate tax from 21 percent to 35 percent, which was the rate before the Republicans passed the 2017 tax cut. He vows to review the mergers approved by President Donald Trump's administration and undo any that were "improper," lays out a proposal to combat offshore tax havens, and promises to treat large stock buybacks "like stock manipulation" as well.

Sanders' aides estimated that Amazon would have paid as much as $3.8 billion in taxes last year if his policies had been in effect.


How would it work?

Companies that meet Sanders' guidelines - ones that are publicly traded or bring in $100 million or more in annual revenue - would be required to give at least 2 percent of their stock to their employees every year, until they reach 20 percent.

Those businesses would also need to put aside 45 percent of their corporate board seats to be elected by the company's employees.

Sanders would also create a $500 million "U.S. Employee Ownership Bank" that would give loans to workers who want to buy their businesses.


Who opposes it?

Conservatives say that raising the corporate tax would eliminate jobs, reduce wages and hurt the economy.


How does it compare?

Earlier this year, Elizabeth Warren released a plan to require that 40 percent of seats on corporate boards be elected by workers. As Warren has risen in the polls, Sanders and his aides have begun to draw contrasts between the two candidates.

Sanders' worker ownership proposal is the latest example. His wealth tax also goes beyond what Warren called for, and he has said that his agenda to fight climate change is the "most comprehensive" ever.

COMMENTS

More Related News

Young Turks Founder Cenk Uygur Files for Katie Hill
Young Turks Founder Cenk Uygur Files for Katie Hill's Former Seat

Progressive talk show host Cenk Uygur has filed to enter the race for disgraced former congresswoman Katie Hill's congressional district, according to a Federal Election Commission database filing submitted on Wednesday.Uygur, host and creator of "The Young Turks," a leftist online news outlet, tweeted "no comment" after news broke of the filing Wednesday night.> To all reporters: No comment.> > -- Cenk Uygur (@cenkuygur) November 13, 2019During a show on Wednesday in which he endorsed Bernie Sanders (I., Vt.) for president, Uygur hinted at "dramatic news on Thursday" and told viewers to "stay tuned."A former MSNBC commentator, Uygur has drifted further left in recent years, but...

In California
In California's 2020 primary, Latino voters could help Democrats defeat President Trump

California's growing Latino population now represents a third of all voters, which translates to political power and a prize for Democratic hopefuls.

Pete Buttigieg shoots to the top of the 2020 field in Iowa poll
Pete Buttigieg shoots to the top of the 2020 field in Iowa poll

South Bend, Indiana, Mayor Pete Buttigieg shot to 22% support in a new Monmouth poll in Iowa, up from 8% in August.

Buttigieg rises in Iowa to lead Democratic White House pack: poll
Buttigieg rises in Iowa to lead Democratic White House pack: poll
  • US
  • 2019-11-12 18:50:05Z

Pete Buttigieg has pulled to the top of the pack of Democratic presidential candidates in Iowa for the first time after drawing increased support from nearly every demographic group, according to a Monmouth University poll released on Tuesday. Buttigieg, the mayor of South Bend, Indiana, leapfrogged past former Vice President Joe Biden since Monmouth's Iowa poll in August to lead in the state that will in February host the first nominating contest.

Trump to Address Super-PAC Donors: Campaign Update
Trump to Address Super-PAC Donors: Campaign Update

(Bloomberg) -- President Donald Trump on Tuesday plans to address donors to the America First Action super political action committee in New York City."It's with 400 Orthodox Jews, and we will raise $4 million," said America First spokeswoman Kelly Sadler wrote in an email.It's unusual for a president to appear at a super-PAC fundraiser -- especially Trump -- who shunned the groups during his 2016 campaign. But the president and campaign have embraced the committees, which can raise unlimited funds, for his 2020 re-election bid.Federal candidates are not allowed to explicitly ask a donor to contribute more than $5,000 to a super-PAC, according to Federal Election Commission rules. A...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Politics