Senator and presidential candidate Bernie Sanders has come out with his plan to "end corporate corruption and greed and it would include potentially unwinding mergers approved under the Trump Administration.
Among the companies Sanders singled out: "Disney’s acquisition of 21st Century Fox has created a conglomerate that controls media in sports, in movie theaters, and on television," he said.
The key components of Sander's "Break Up Monopolies and Make Markets Competitive" plan are:
- Review all Trump administration mergers and undo improper mergers.
- Reinvigorate the Federal Trade Commission to break up conglomerates and monopolies and institute clear, strong merger guidelines.
- Establish caps for vertical mergers, horizontal mergers, and total market share.
- Ban mandatory arbitration clauses and non-compete clauses that trap workers in low-wage jobs and strip them of their legal rights.
He would also restore the corporate tax rate from 21% back to 35%, eliminate the 20% deduction on pass-though business income and much more.
He pointed out in outlining his plan Monday (Oct. 14) that if his plan had been in effect last year, Amazon would have paid $3.8 billion in taxes rather than nothing at all.
“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,” said Sanders. "[W]e will start breaking up some of the largest and most powerful companies in America to lower prices for consumers, help small business and make markets competitive.”