Last Thursday, the Center for American Progress released a new report, Report of the Commission on Inclusive Prosperity, that discusses the need for economic growth that ensures wealth is shared broadly. The report is authored by Lawrence H. Summers, the President Emeritus of Harvard University and Ed Balls, the Labour and Co-operative Member of Parliament, or MP, for Morley and Outwood and Shadow Chancellor of the Exchequer in the British Parliament. They are the co-chairs of the Inclusive Prosperity Commission.
Of interest for ESOP advocates, the following was noted in the report:
“In the United States, specific policies that could help meet these goals include:
Increasing workers’ share of the economic pie, raise wages and incomes
- Create tax incentives for companies to share profits with their workers in well-structured, broad-based profit-sharing programs and increase tax incentives for the formation of employee stock-ownership plans, or ESOPs.”
The full report can be found here.
The Center for American Progress press release on the report is here.
In 2013, the Center for American Progress released the report, Growing the Wealth: How Government Encourages Broad-Based Inclusive Capitalism, which also discussed the idea of inclusive capitalism. The 2013 report was authored by David Madland and Karla Walter. Ms. Walter, the Associate Director of the American Worker Project at the Center for American Progress, is a 2014-2015 Louis O. Kelso Fellow doing research in the employee ownership field. More info here.