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Steyer eyes corporate corruption, ‘unchecked capitalism’ in economic plan

Democratic presidential candidate Tom Steyer on Monday released an economic agenda including election reform measures, a wealth tax and a mandatory minimum wage hike. 

“Steyer’s agenda aims to take on corporate corruption and the unchecked capitalism that has hijacked our democracy for the last 40 years, and finally reverse the Republican policies that have allowed big corporations to write their own rules that reward shareholders at the expense of American workers,” his campaign said in the release.

Steyer, a billionaire philanthropist, calls to repeal Citizens United, the 2010 Supreme Court case that allowed for unlimited spending on campaigns. He also called to restructure the Federal Elections Commission and “make it easier to vote.” 

Steyer also said he backs raising the federal minimum wage to $15 an hour. 

In his agenda, Steyer reiterated his support for a wealth tax that would place a 1 percent tax on those whose net worth is above $32 million and said he would repeal “the Trump tax cuts.”

Steyer’s proposal stops short of wealth taxes proposed by progressive, top-tier candidates in the race Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) who propose more extensive wealth taxes. 

Sanders’s proposal kicks in with a 1 percent tax on net worth above $32 million and has eight brackets, with the highest being an 8 percent tax on married couples’ wealth over $10 billion. Warren’s plan proposes a 2 percent tax on wealth valued between $50 million and $1 billion, and a 3 percent tax for net worth above $1 billion. 

Steyer also called to institute two years of free college in his economic agenda. 

He also pledged to declare a climate change emergency on day one of his presidency, and implement his “Justice-Centered Climate Plan” which aims to transition the nation int a green economy, according to his campaign.

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