“Democratic politican and Republican businessman co-author book on solving income inequality”
- January 29, 2016
By The Jersey Journal on NJ.COM
In today’s political and social climate, it’s more than a little bit unusual to see a Democrat politician and a Republican businessman reach an agreement on business and economic ideas.
With the new business book, “The 3rd Way,” such common ground was achieved, and the authors have discussed the ways their book can be a boon to both the business sector and the people who work for it in a recent press release.
“The 3rd Way” was written by Democratic politician Upendra Chivukula and Republican activist and businessman Veny W. Musum. According to the authors, the book presents an idea that will “renew The American Dream and make more wealth available to more citizens.”
Its main proposal is that tax incentives should be created that will encourage corporations to share equity with their employees.
Musum, an entrepreneur who was the senior vice president of John Paul Mitchell Systems, says in the press release that if those incentives are put into place the nation will see an “overall better performance by corporations, a more secure and motivated workforce, countless benefits to society, a stronger economy, and potentially more tax revenue.”
“The 3rd Way” also delves into the ways taxes incentives would have to be restructured, and the authors posit that, if done correctly, this would increase the chance middle-class people have of ownership opportunities in the small and large businesses they work for.
“This political movement is not just a handout to corporations, but a well-thought out way of including the middle class and poor Americans in the American Dream,” said Chivukula in the press release. “The economic gap is caused because capital ownership contributes to rapid wealth creation One can address the access to wealth creation through increased employee ownership.”
Chivukula was the assemblyman for New Jersey’s 17th District for 12 years, and is the current commissioner on the New Jersey Board of Public Utilities.
The authors say that their proposed plan would be beneficial to the government as well. In the book’s press release, the two say the cuts to corporate tax loopholes would result in a zero net loss in revenue for the federal government.
“Under our proposal, instead of the government getting corporate taxes from employers, it gets – via the transfer of wealth – income taxes from workers,” said the authors in the press release. “Our proposal has many beneficial dimensions with no downside loss in overall tax revenue. Everyone wins.”
The authors attribute the first developments of their proposal investment banker and economist Louis Kelso and the passage of The Employee Retirement Income Security Act of 1973. In the press release, Chivukula and Musum say that legislation shows their proposal is a proven concept, and that the policies introduced in their book would expand on it.
The two authors also say that their political differences turned out to be more helpful than hindering.
“Many good things have happened when people with different backgrounds, especially differing political backgrounds, have come together,” said Chivukula. “Two well-meaning individuals who care about contributing to the inclusive democracy can come together and share their viewpoints for the betterment of society.”
- January 29, 2016
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