Larson and Colleagues Introduce Bipartisan Bill to Close Wealth Gap and Encourage Employee Ownership of Stock
East Hartford, CT - Today, Rep. John B. Larson (CT-01) announced the introduction of the bipartisan SHARE Plan Act with his colleagues, Tom Suozzi (NY-03) and Mike Kelly (PA-16).
"For far too long, we have seen the rich get richer, often through investment income, while middle-class workers are left behind,” said Larson. “I am thrilled to re-introduce the SHARE Plan Act with my colleagues, Reps. Tom Suozzi and Mike Kelly, to help close that wealth gap. This bold and innovative bill has the potential to unlock investor gains for all workers, so their hard work can be rewarded not simply with a thank you but with shared profits to build real wealth – and make life more affordable for people trying to make ends meet. I want to thank my good friend, Bob Patricelli, one of Connecticut’s true visionary business leaders, who understands that a rising tide should lift all boats. As the inspiration for this bill, he has worked tirelessly for years to see it come to fruition and build support on both sides of the aisle. When the top 10 percent of households hold 88 percent of all stock, while the bottom 50 percent have only 0.6 percent, the need for change is clear. I hope to see our SHARE Plan Act embraced by Democrats and Republicans alike as a common-sense solution for both workers and businesses.”
“The wealth gap in America is the biggest it has ever been, and it gets bigger every day. The rich get richer, and the rest of America can’t get ahead. Above all else, there is one factor which separates the rich from those of our citizens who rely on a salary only and live paycheck to paycheck – that is that the wealthy in our country own stock, usually the stock of the company they work for. The bottom 50 percent of American households own less than one percent of all stock. We need to change this. The SHARE Plan will close the wealth gap by giving a tax cut to companies that grant stock to employees who stay with their company for at least five years. This is on top of their salary or wage. The SHARE Plan would put up to $3 trillion in wealth into the hands of nearly 40 million employees, and our companies are rewarded for sharing that wealth. This is good for American workers and good for American businesses. Employees would be transformed from mere workers to actual stakeholders with stock equity in their companies. They will have ownership – and real wealth which can be life changing for American working-class families! That is the SHARE Plan,” said Robert E. Patricelli, founder and CEO of three national health care companies, and former federal official in the Nixon and Ford administrations.
Larson, Suozzi, and Kelly's bill aims to close the wealth gap for workers by offering tax incentives to publicly traded companies that distribute at least five percent of their stock to at least 80% of their full-time employees below the senior management level. The idea for the SHARE Plan Act was originated by former Connecticut business leader Robert E. Patricelli, who first proposed the SHARE Plan in a Hartford Courant op-ed, “How to re-cut the wealth deck: Stock ownership.”
Full text of the bill is available HERE.