Bernie Sanders unveils plan to raise corporate tax rate to 35% and ban stock buybacks

CNBC ^ | 10/14/2019 | block

[RummyChick]

Presidential hopeful Bernie Sanders introduced a plan on Monday that would reverse President Donald Trump’s tax cuts for businesses and return the corporate tax rate to 35% from its current 21%.

The Corporate Accountability and Democracy Plan would also eliminate many of the tax breaks and loopholes in the tax code and do away with off-shore tax havens.

Other highlights:

“Democratize Corporate Boards. Under this plan, 45% of the board of directors in any large corporation with at least $100 million in annual revenue, corporations with at least $100 million in balance sheet total, and all publicly traded companies will be directly elected by the firm’s workers – similar to what happens under ‘employee co-determination’ in Germany, which long has had one of the most productive and successful economies in the world.

[RummyChick]

My oh my...Wall Street doesn't like Warren. They surely can't like Sanders

What will they do... (probably Clinton rides in on her black horse)

[Pearls Before Swine]

So, the workers will own 45% of the means of production.

Instant half-communism.

[Reno89519]

How about his 97% tax on wealthy Americans?

[Starboard]

Its almost as if Warren and Sanders are campaigning for Hellery.

[silverleaf]

Hmmm, lets really look at German economic history and what made it successful.

[RummyChick]

DSA1115
@CTRLALTFEAT

Replying to
@CNBC
Ban stock buybacks? Can’t tell corporations how best to deploy their capital. Typical socialist.

[4yearlurker]

Who remembers the "Luxury tax" in the 1980s? I was living in South Jersey at the time and it almost destroyed Viking Yacht,a boat building plant down the road from me.

[econjack]

...established Bureau of Corporate Governance at the Department of Commerce. This new federal charter will require corporate boards to consider the interests of all of the stakeholders in a company – including workers, customers, shareholders, and the communities in which the corporation operates.

Yep, that's what business needs: Another bureaucracy that addresses all "interests" of stakeholders in the company. So, if you miss your cat during the day, the company might be forced to have day care for cats and time off during the work day to visit your cat. Bernie: Clearly you've never worked in your life for a profit-based company.

[RummyChick]

MSS
@MSS1992BIO

Replying to
@CNBC
“Unveils plan to lose the candidacy”

[Zathras]

This sounds like something right out of “Atlas Shrugged”

[RummyChick]

Truly. It is amazing to me how far left they are going. Hillary seems sane (by comparison)

[Oldeconomybuyer]

Bernie hates capitalism. His “plan” would destroy retirement plans and pension funds.

His “for the workers” rhetoric is a parasitic scam for low information imbeciles and hate-America radicals.

[beethovenfan]

What a moron.

[dangus]

Banning stock buy-backs is a stupid idea if you stand for the worker, “corporate responsibility,” or hostile takeovers. Buy-backs is how ownership reasserts its control, so it can take actions beyond the “five-year horizon” of fiduciary responsibility to stockholders.

[Buckeye McFrog]

He is correct that this is the way it’s been done in Germany since the end of WW II.

BTW, it was OUR idea. The occupation force felt that by democratizing EVERYTHING the likelihood of the rise of another Hitler would greatly diminished.

[sphinx]

The timing on implementation would be crucial. Bernie would need to effect his takeover before most large corporations had a chance to go offshore.

[Jimmy The Snake]

Her black horse painted white for the occasions.

[RWGinger]

Using Germany’s economy as an example makes Bernie look like the fool he is

[Spruce]

There was a time when we would have thrown a commie asshole like this out of the country

[Rdct29]

These communist will destroy the economy Trump has been fixing since his first day in office. They are too stupid to continue with the successful plans of president Trump. Their plan will make America poorer and make certain groups of people much richer. They will bring us back to the terrible economies of obama and Carter. Not one of these democrats has ever run a successful business. I doubt they could run a child's lemonade stand.