Democratic presidential candidate Bernie Sanders (I-Vt.) has unveiled an economic plan in the event he wins the 2020 presidential election. He is proposing to reverse the corporate tax cut made by President Donald Trump’s administration.
Under the plan released on Monday, Oct. 14, Sanders expects to increase the corporate tax rate from 21 percent to 35 percent, bringing the rate to a level before President Trump took office, according to The Hill.
The plan would also eliminate most corporate tax breaks and loopholes in the tax code.
The Vermont senator proposes to get rid of the tax havens by instituting a per-country limit on the foreign tax credit and taxing offshore and domestic income at the same rate.
Besides the tax hikes, Sanders, a self-described democratic socialist, also calls to force businesses to share power and profits with their workers.
Accordingly, the plan would require companies that are publicly traded or have at least $100 million in annual revenue or at least $100 million on their balance sheet total to give workers 2 percent of the company’s stake until employees own at least 20 percent of the firm.
In an introduction to the plan, the Sanders campaign wrote, “In America today, corporate greed and corruption is destroying the social and economic fabric of our society, where a small group of ultra-wealthy CEOs are making the decisions that increasingly determine our economic, environmental and political future. For too long, these greedy corporate CEOs have rigged the tax code, killed market competition, and crushed the lives and power of workers and communities across America.”
“With Bernie’s Corporate Accountability and Democracy Plan, we will give workers an ownership stake in the companies they work for, break up corrupt corporate mergers and monopolies, and finally make corporations pay their fair share.”
“When Bernie is president, we’re going to put an end to the corporate greed ruining our country once and for all,” the campaign said.
According to “All 2020 Democratic Presidential Nomination Polling Data” compiled by RealClear Politics, Sanders is standing behind former Vice President Joe Biden and Sen. Elizabeth Warren (D-Mass.).
During an interview with ABC News on Sunday, Oct. 13, Sanders tried to differentiate himself from Warren, saying that she is a capitalist through her bones while he is not.