US: Sanders unveils economic plan including antitrust changes

Senator Bernie Sanders, a day before the next debate among the Democratic US presidential candidates, released a plan on Monday underscoring his left-leaning economic views aimed at curbing corporate tax avoidance, tightening antitrust enforcement and empowering workers, reported the Washington Post. 

Sanders, one of the top three contenders for his party’s nomination, said in a statement that his plan would raise up to $3 trillion over 10 years by upping the corporate tax rate to 35 percent, eliminating most corporate tax breaks and loopholes, and taking steps to eliminate the use of offshore tax havens.

“The American people have had enough. They are sick and tired of profitable corporations like Amazon, General Motors, Eli Lilly, Chevron, Halliburton, Netflix and Delta making billions in profits, but paying nothing in federal income taxes,” Sanders said in the statement.

His plan would require firms with more than $100 million in annual revenue and all publicly traded companies to begin selling shares to employees until they own at least 20 percent of the firm. These companies would also be required to let workers elect at least 45 percent of their boards of directors.

Sanders also offered a sweeping set of antitrust policies, including a new “bright line” that would bar mergers of companies with too much market share. Warren has released antitrust plans related to agriculture and big tech, according to Matt Stoller, fellow at the Open Markets Institute, but not a comprehensive antitrust plan.